Gold did trade upwards, exactly what I expected last week. There is a strong new upward momentum and you should watch only for buying opportunities on the dips. More upside is expected.
Technical picture:
Weekly view:
Based on the weekly time-frame, I found that there is a upward breakout of 6-week balance trading range, which is sign of the new money buying and potential more upside. Based on the weekly time-frame, I found important resistance levels, which will serve us as profit targets. These levels are set at the price of $1.489 and $1.520.
4H time-frame view:
Based on the 4H time-frame, I found broken Ascending triangle in the background and new momentum UP on the MACD oscillator, which is clear sign of the underlying strength on the Gold and potential more upside.
Trading recommendation:
Watch for buying opportunities on the dips with the targets at $1.489 and $1.520.
