Gold found support and looks ready for move higher

FX:XAUUSD   Gold Spot / U.S. Dollar
From the beginning of the year gold             was in uptrend from $1179 to $1392 (around 20%) then sold off from highs but found some buying support $1268-$1278 (around 50%-61.8%).

This pullback is still controlled and with this
1) doji candle bounced off from support zone it gives me entry with tier1 then
2) I will add if it will hold above moving averages ($1300) and
3) another point will be break up of trend line @ $1310

1) below low of doji @ $1277.13
2) below $1268 support zone's low

1) 200 MA @ $1320
2) swing high @ $1330
Поиск торговых идей,
оценка настроений рынка, сценарии и торговые планы.
Now, after news from US were released on Retail Sales gold put higher low and regained $1294 - bulls

I agree with your long bias.
Seeing the current Price Action i would consider price will fake out a little before continue up.
+1 Reply
My bias is almost neutral after it failed to hold upper level support @ $1,294. On daily it is right in the middle of wide range from $1,268 to $1,331, so it is very tricky. Still have a lot to prove.
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