Gold - Buy The Pullback!

FX:XAUUSD   Gold Spot / U.S. Dollar
121 1 2
Weekly chart has posted a rather bullish setup on gold             . Here are a few reasons why we are semi-bullish:
- Since March low, we have had a higher high and higher low
- The market tried to find sellers to drive prices lower but failed several times (bargain hunters)
- Note how the vicious selling stops at 1142.59 but have recovered since
- The Bear looks ready to give up and short covering could be in the cards (potential target of 1250 - 1268 levels)
- Once Grexit has been resolved, we expect USD interest start to wane
- We are entering seasonal trend in gold             where we see a short term rally
- This week close is above 20 WMA (which sits are 1196) but may consolidate next week between 1179 and 1206 levels
- Bollinger Band is converging and more often than not, prices will range trade until a breakout (possibly in the next 2 weeks)
- Key resistance level next week is 1205.70 and support level at 1189, 1184 and 1179
- Pullback is a buying opportunity and a Swing Long opportunity

(check out our Dollar index             analysis which comes in line with our argument)
Here is another look on why long gold is appropriate going forward
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out