$1237 – $1247 is the key area of support on the weekly chart and we are likely to see the Gold price got pushed up from this support level, maybe due to profit taking from the recent Short Sellers.
Zooming into the 4hr timeframe, the down-trendline has been broken and the Gold price has entered into the Buy Zone.
Not only that, the lower lows and lower highs which form a downtrend have been violated as higher high was formed, this is also another sign of strength.
I will be watching for Buy signal to go Long in Gold when the market opens tomorrow.
Stay tuned.
** This is not a Buy/Sell recommendation ** ** Please do your own due diligence **
Trade active
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Long Gold on 4hr pin bar
Entry : 1255.00 SL : 1240.00 Tp : 1277.50
Trade closed: stop reached
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Got kicked out
Trade proformance for July Audjpy + 0.33r Eurusd -1r Gold -1r