Based on previous touches this support line has held 8 times when price touched it.
One time it failed and took around 9 weeks to recover,
the fact that price moved back above the line is more proof to me that the line is valid.
Like in the past there is a reasonable chance that price will wick down maybe 5-6% and still recovers afterwards.
Keep this in mind...
Gold has been forming a ascending triangle since beginning of 2016.
It is currently sitting on support of that triangle.
Note that this is a aggressive entry as it is possible support will not hold.
A safer entry would be when it breaks out upwards from the triangle.
I will be opening a long trade here with multiple take profits along the way.
Last take profit at...