Gold - Morning star formation indicates buyers returning
Gold - Intraday - We look to Buy at 1930 (stop at 1905)
Although an initial dip was posted, buyers emerged and follow through bullish momentum resulted in all the previous day's losses being overturned. A Morning Star formation has been posted at the low. A bullish hammer has been posted as prices reject the lower levels. This is positive for sentiment and the uptrend has potential to return. Preferred trade is to buy on dips.
Our profit targets will be 1980 and 2000
Resistance: 1965 / 1980 / 2000
Support: 1930 / 1907 / 1865
Although an initial dip was posted, buyers emerged and follow through bullish momentum resulted in all the previous day's losses being overturned. A Morning Star formation has been posted at the low. A bullish hammer has been posted as prices reject the lower levels. This is positive for sentiment and the uptrend has potential to return. Preferred trade is to buy on dips.
Our profit targets will be 1980 and 2000
Resistance: 1965 / 1980 / 2000
Support: 1930 / 1907 / 1865
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