Gold: Can buyers hit a new leg higher?
Today's focus:
Pattern – Continuation
Possible targets – 1978.50
Support – 1952.70
Resistance – 1965.55
Hi traders, and welcome to today’s update. After buyers held support on Monday, gold looks to be edging at new continuation in its current stage 1. Signs continue to favour buyers after they broke out of the medium-term downtrend last week.
We want to see price beat resistance and hold support or, at a minimum, the moving average to a new uptrend for the last leg higher to remain valid.
US retail sales data is due out today and could have an impact on the USD and Gold.
Have a great day and good trading.
Pattern – Continuation
Possible targets – 1978.50
Support – 1952.70
Resistance – 1965.55
Hi traders, and welcome to today’s update. After buyers held support on Monday, gold looks to be edging at new continuation in its current stage 1. Signs continue to favour buyers after they broke out of the medium-term downtrend last week.
We want to see price beat resistance and hold support or, at a minimum, the moving average to a new uptrend for the last leg higher to remain valid.
US retail sales data is due out today and could have an impact on the USD and Gold.
Have a great day and good trading.
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