Technician
Long

Gold: Update: Testing First Key Resistance

FX:XAUUSD   Gold Spot / U.S. Dollar
1397 3 13
Gold             extended the strong upside hitting 1325.00 resistance level . The price lands at a key resistance area among 1325 horizontal resistance and 0.618 Fibonacci retracement at 1336 along with the projected resistance of a a potential rising channel . I would be a bit cautious at this area anticipating a possible pullback.
However, overall strong bullish breakout mode is dominant, and accordingly we will probably see higher levels towards the full target at 1360.000 areas.

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i expect first a correction at the level of 1296 then 1342
after 1342 again correction this time at the level of 1325
after all this we wiil see 1363 an more (1385)
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Maybe worth to buy 37 days Put spread @ 1305 / 1275 as a correction trade. For more agressive traders with 1:2 ratio, since after the pull back I think the bullish trend is likely to continue.
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Took profit, will wait and see if price breaks resistance.

Thanks
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