themarketzone

Two Major Resistance Zones ahead

FX:XAUUSD   Gold Spot / U.S. Dollar
Previous setup in Gold             was bullish confluence zone near 1050$.
Since then, the oversold precious metal exploded higher and broke out of its downtrend, closing above the 200 SMA line and providing a longer term bullish signal (as projected in this blog post - http://goo.gl/YA0mZ3)

$XAUUSD reached the first out of two major daily structure zones - 1165-1180$ and 1190-1200$
Buying Gold             following such a rally doesn't make sense, unless you are an investor that intends to hold positions over long period of time (even in such case, I would advise to try and wait for a better entry).

One of the two resistance zones mentioned above can turn out to be a reversal zone that will lead to a pullback towards lower levels such as 1130$ and 1150$

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