From the daily chart, gold would need to challenge and exceed 1165 convincingly before a push to 1190+ (orange dotted line) can happen. Hoping for a push to 1165, followed by a shallow retracement and then a push to 1190+.
Comment:
Gold is at 1178 now. Haven't looked back since 1165 was exceeded with strength. Looking to book some profits at 1180 - 1188. Target for this trade is around 1198.
Comment:
At 1198, I hope to see some pull back before jumping in again to go long for a weekly chart target of 1220 - 1230.
Comment:
On the daily chart, gold went to as high as 1185. As mentioned in my previous update, I'd take some money off the table when it hits this range. Am waiting now for some retracement next week. First thing to watch out for is 1165 to hold. Second, 1146, the previous daily swing low has to hold if 1165 is breached with strength. Any lower high made on the daily chart next week will be good for more long positions in gold. Target revised to a range of 1195 - 1205.
Comment:
Gold took out the 1188 peak yesterday and went to as high as 1190. On the daily chart, the move up still looks intact on average volume. Looking for 1193 to drop next if uptrend is maintained. See 4 hourly chart posts for more up to date info on the gold trade.
Comment:
Long gold. Target 1240. Stop loss 1195.
