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Gold Near Another Buying Zone

Gold Near Another Buying Zone

Updated

4H Chart   

gold h4.png                                                                                                                                       

Daily Chart

gold d1.png 

Gold declined back for the past few days after reaching ~$1830/Oz last week, while our medium-term positions remain in profit since our signal to buy at $1770 and $1780 two weeks ago. In the meantime, gold is trading near a new buying zone which stands between $1800 and $1790 USD/Oz. While we maintain our stop loss for the current positions at the entry, while any new long position stop loss should not exceed $1770 USD/Oz. Technical indicators continue to improve every day, which suggests that any downside retracement is likely to remain limited as long as the metal is trading above these levels and preferably above $1800 USD/Oz.

S3

S2

S1

Pivot

R1

R2

R3

1773.78

1793.65

1802.01

1813.52

1821.88

1833.39

1853.26

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