sugardaddyFED

Gold could retest 1179 and 1176 to target 1197

FX:XAUUSD   Gold/U.S. Dollar
38 0 2
Broke out of the Downward channel line and retested the breakout at 1179.

Strong Support at 100 1176 which help to push prices higher. This is the swing long price action.
Minor Support at 200 1182.50

20 and 50 ma are playing catch up and rising higher - both have crossed above 100 which is bullish and RSI is confirming.

Resistance now at 1189 level which coincide with 38.2 Fib retracement from (1162 and 1232). next target is 50% Fib at 1197 for resistance.

Entry @ 1177
Stop @ 1173
Target @ 1189 and 1197

Invalidated if the USD break higher or 1197 is hit first.
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