Gold has been trading upwards. The price tested the level of $1.299.00. Buyers in control, careful with short positions.
Nothing specially changed since our previous analysis. According to the H1 time – frame, there is a confirmed accumulation phase and successful re-test, which is sign that buyers are in control and that we may expect further upward movement. Key support is seen at the price of $1.280.60 and key short-term resistance at the price of $1.300.00. The breakout of the $1.300.00 would confirm test of $1.311.10 and $1.320.00.
Trading recommendation: We are long on gold from $1.296.00 and with targets at $1.311.50 and $1.320.40. Protective stop is placed at $1.280.00.
