Gold has been trading lower in past 24 hours. Anyway, I found that there is the potential end of the downward correction and that buyers might establish new buying positions. Support is found at the price of $1.401. Watch for buying opportunities.
Gray rectangle - support
Second gray rectangle- Support 2
Blue rectangle - Resistance
Middle red line – 20 EMA support
The 20 exponential moving average at the price of $1.404 held successfully, which is sign that sellers got exhausted there and that buyers may join. The Stochastic oscillator is showing us that there is the oversold condition and flip up, which is good sign for further strength on the Gold. Upward target is set at the price of $1.435. Support levels are found at $1.401 and $1.381. As long as the Gold is trading in upward channel, I would watch only for buying opportunities on the dips.
