Gold continued its bull run expanding towards the next resistance area rising $14 for the week. The week was another big one in terms of range where gold nearly managed a $30 bar from highs to lows. With $1300 now setting up as a big support along with supportive fundamentals aiding the prices it does seem a new high is on the cards in the current year.
On the chart –
Gold had another big week with the formation of higher highs and higher lows and a closing above the resistance level all auguring towards higher prices. The support of $1297 was tested and the price closed way higher indicating a new floor for the price. We have 2 scenarios –
1. Gold had a positive closing and till the support is held it can move towards $1327. Once this is crossed it can glide towards $1341. And if this is crossed it can climb till $1356.
2. Short trades remain extinguished as gold continues it’s bull run closing above the resistances. For trades to come live the support of $1297 must now be broken.
Possible trades are on both sides, gold can be bought above $1318 for the targets of $1327 and $1341 with a stop loss placed below $1308. Longer term target $1356.
Short trades remains missing and only come live once the support is broken.
Reference: Trading View
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