Gold had a big week with large swings on the upside but couldn’t hang on to the gains it created but managed to keep the bar green with a modest $10 rise compared to rise seen in the week. With the 20 day moving average being respected almost every week the bullishness is getting strengthened and it is expected to head higher. We have 2 scenarios –
1. Gold’s closing above the support suggests more upside may be on the way. If the support is held it can head higher to $1358. If this is crossed it can rise to $1374. And if this is conquered it can register a new 52 week high at $1392.
2. There are no short trades unless $1345 breaks, if it happens still it is limited to $1331.
Possible trades are on both sides but largely on long side, gold -0.08% can be bought above $1354 for the targets of $1358 and $1374 with a stop loss placed below $1345. Longer term target $1392.
There are no short trades unless $1345 breaks, and if it does still its limited to $1331.
Reference : Tradingview
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