Gold followed its peers on Friday and reversed sharply lower from $1211 levels. The yellow metal dropped all the way towards $1190 before pulling back again and is seen to be trading around $95/96 levels at this point in writing. Looking at the bigger picture, the medium term story remains bullish for Gold and a safe trading strategy could be to go long on dips. The optimum buying or support range for the yellow metal could be around $1185/90 levels. Please note that fibonacci 0.618 support of the previous rally is also seen around $1180.00 levels. We would like to turn bullish if prices reach $1185/89 levels from here.
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This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.