To open long positions on Gold you need:
Market is awaiting for ECB press conference tomorrow and I don't expect any bigger move before the ECB. I found interesting buy zone around 1.1080, which is the area of previous consolidation and good upward trend line. The upward targets are set at 1.1160 and 1.1238. As long as the upward trend line is holding, buying opportunities are preferable.
To open short positions on Gold you need:
You will need the breakout of the support at the price of 1.1106. The first goal will be test of 1.1080, where I recommend profit taking. Watch for bearish flag on 30min or 1h time-frame in order to confirm downside.
Signals of indicators:
MACD – Momentum did start to pick up on the downside but not with big attitude, which still represent market in indecision. Slow low turned into bear mode.
Bollinger bands: Gold is testing the low boundary of Bollinger at 1.1100
The middle Bollinger line is set at 1.1144 (resistance)
