Yellow metal showing really good performance since beginning of January. There are many different factors that have impact on price: Fed rate decision, of other Central Banks, macroeconomic data, are some of them. Lets leave this job for analysts that receive sallary by the end of the mont. We are traders and our job is measuring sentiment, controlling our entries and exits and managing positions.
From the beginning of the month, the price broke out of consolidation in 1,080 zone, and since then following 8/21 EMAs very nicely. Last week, price broke up $1,113 resistance that later became as support.So, right now price is sitting right in front of 200 - important for big investors. And if it will trigger a break out with above average, it may attract more buyers and trigger some short covering.
Trade- and Risk-management:
Entry on break of $1,128 previous resistance and 200 with STOP bekiw $1,108 - the low of reversal candle. Midterm target is $1,160.