As I published in my GOLD trading articles , I entered LONG trade from 1222 USD .
We hit the GOLD targets one by one and price rebounded from FIBO retracement 76.40 @ 1263.40 to 1243 USD ( Fibo retracement support 50.00 of the movement started on April 17th )
1243 was the strong support ( which was a resistance last week ) for GOLD and reacted upside and closed @ 1255 USD.
1255 USD is Fibo 23.60 and 1255-1263 levels will be guide line for the Mid term GOLD trade.
People started to speak about 1400 USD levels for GOLD ...Which does not sound logical to me.
Fundementally speaking, I do not see any evidence of physicall demand to GOLD to support the price fly towards 1400 USD levels.
In the first chart , I added US Dollar Index DXY to GOLD .
DXY is at the lowest levels of last 6-7 mounths , considering this XAUUSD was supposed to be 1290 - 1320 levels .
1263 will be re tested again. Then we have 1274 to be tested.
A few hourly closings above 1263 will confirm me the strong up side momentum and my targets will be 1274 ,1281 and 1296 for this week.
For Day trading 1250 and 1246 are the first pull back levels which are buy opportunity levels for me.
I will not enter SHORT trade till the GOLD price breaks down 1234 USD.
Updates will be published in my blog.