FxWirePro
Long

Gold:Trade setup (Buy)

FX:XAUUSD   Gold Spot / U.S. Dollar
466 0 18
Pattern formed – Double bottom

Major resistance - $1324 ( trend line joining $1375 and $1333).

The yellow metal has made a low of $1312.05 yesterday and slightly jumped from that level. It is currently trading around $1318.82.

Any short term weakness can be seen only below $1310.The break below short-term support $1310 will drag the commodity down till $1305/1297 ( 61.8% retracement of $1250 and $1375).

On the higher side, major intraday resistance is around $1324 and any indicative break above $1324 targets $1336/$1350.

It is good to buy above $1324 with SL around $1310 for the TP of $1336/$1350
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