Gold - market update - long at 1293 $ - target 1309 $

The gold price seems to have found support for the time being in a very important price zone (near 1285 $). At the same time a resistance zone was also reached on an intraday basis (at 1203 $). If the gold price can rise above 1310 $ level in the next few days, it could be the signal for the end of the correction. The FED's expectations of a rate hike this year fell again on Friday following the release of U. S. employment data. Although these were not bad in the overall context, average hourly wages fell significantly. As a result the interest rate step expectations have fallen again and the US Dollar Index has corrected at the beginning of this week. Possibly is also that the decreasing trade conflict risk favors the correction.

- open long at Bollinger band support / 50 day moving average and 0,5 fibonacci retracement line
- RSI started to turn around near heavy over bought area which is bearish indicator
- wait for confirmation before entering this trade
- confirmation = two candles close above 50 day moving average and 1292 $

Trade closed: target reached