Gold - How to Trade

The price bounced from the medium line of the price channel. RSI and MACD histogram will be able to support a possible upward movement if the market gives us a strong bullish candle.

But the price is not far from the resistance zone at 1280.00 level which played as a strong support level in the past. Now it can be the strong resistance and stop the upward movement.

If the price bounces from 1280.00, we should be ready to see the continuation of the downward movement. The target will be the main uptrend line. It will be possible to get buy opportunities based on reversal signals from this zone.

If the price breaks 1280.00 resistance, the price will be able to move to the main line of the price channel. The price action in this zone will be able to give us new sell opportunities.