Mihai_Iacob

Gold is preparing for a break

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
As explained in my weekend analysis, in my opinion, the drop from ATH to 1900 was just a correction from a long-term perspective, and this is over now.
Yesterday's price action gives us again nice bullish signs, with a drop in the first part of the day and a reversal on the New York session leaving a nice long-tailed Pin Bar on our chart.
Also looking at the daily posted chart we can see that the lows after the dive under 1900 are higher and higher and at the time of writing the price is exactly in important horizontal resistance.
In conclusion, I expect a break up and I'm looking for a rise to the next important resistance at the 1975-1980 zone.
Buy dips remains the strategy with negation under 1910 at this moment


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