FXHighway
Long

Gold is heading for a retest

FX:XAUUSD   Gold Spot / U.S. Dollar
55 0 1
Target: 1200.00
Risk: 1140.00

Technical Reasons:

Gold             price rallied upwards affected by the completion of the round bottom pattern surpassing our first target at 1140.00 and continues to achieve gains on the short term basis, while holding above the support base formed above 1140.00 represents good positive factor that supports achieving more positivity in the upcoming period.

There are signs of a bearish pattern that might push the price to retest the mentioned support base before turning back to rise, noting that the price gets good positive factors through the exponential moving averages 50 and 100 besides stochastic entering the oversold areas.

The next target is located at 1200.00, and breaking 1140.00 level will pause the expected bullish wave.


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