Gold finds itself at the Weekly Central Pivot Point with Stochastics in oversold territory, which suggests a good buying opportunity in the context of a longer term uptrend.
If we break below and close below 1280.40 then we will be looking to short Gold down to the 1270 zone before re-assessing a long position.
This zone should provide strong support with a confluence of factors:
Without a reason for entry these levels mean nothing. We will only take a trade if we see a reason for entry at these levels based on our predetermined trade plans.
Bon Chance!
If we break below and close below 1280.40 then we will be looking to short Gold down to the 1270 zone before re-assessing a long position.
This zone should provide strong support with a confluence of factors:
- 1270.00 even handle
- Previous major structure support/resistance
- 88.6% Fibonacci retracement
- Bullish Bat pattern completion
- Weekly S1 support level
Without a reason for entry these levels mean nothing. We will only take a trade if we see a reason for entry at these levels based on our predetermined trade plans.
Bon Chance!