alexkyp

Gold potential BUY

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Gold was consolidating the past week near the 1280-1290 area . We can expect the pair to follow an upward trend if the Us dollar index drop within the next week as it has been overbought the past week.
Perfect entry point could be the 1300 area where the pair showed its major resistance, with multiple rejections.
There is a big potential for a BUY opportunity as if we can see the past patterns we can see there is whole week of consolidation followed by big moves on Gold