Gold has been trading upwards as we expected. The price tested the level of $1.324 and then started to consolidate. We still expect more upside on the Gold, so watch for buying opportunities.
Blue rectangle – Upward target $1.345
White lines- flat channel
White rising line – Support $1.319
We found that today is nothing more than consolidation day for Gold and we can expect more upside to come. The stochastic looks oversold and the support trendline at $1.320 is on the test. Our advice is to watch for buying opportunities with target at $1.345. Support levels are seen at the price of $1.318-$1.312. Strong momentum is still present, buying opportunities are preferable.
