Salzworth

Outlook for Gold: Pullback presents an opportunity to buy

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hi everyone! Our call on gold last week is playing out nicely. For this week, we maintain a bullish bias on Gold , with prices holding above a key weekly and daily support area at 1763.14 - 1768.80, which lines up with the 78.6% and -27.2% retracement. A pullback to test this support zone presents an opportunity to play the bounce. Keeping in mind the views on the weekly time frame echo a bullish bias, a break above our H1 resistance could at 1794.50 could see more upside in gold prices, with 1820.20 as our next resistance target.