After a long time, gold breaks above the trendline resistance. Though gold is still under the horizontal resistance level of $1810. After breaking above the $1810 price zone, we will get the confirmation that gold is going to upside again for another time.
Technically, from the present rates, major support is identifying nearly at the $1785/1780 price zone. So, we would suggest buying gold nearly from this price zone. Stop loss should be below at $1750 price zone.
The alternative scenario is if gold breaks above the $1810 price zone, we can buy instant and continue our long order. In that case, we can use our stop loss below the $1777/1775 price zone.
On the other hand, if anyhow gold manages to stable below the $1775/1777 price zone, gold may continue its downtrend again. And it will be considered as a fake upside break out.
Keep in touch for further updates.
Technically, from the present rates, major support is identifying nearly at the $1785/1780 price zone. So, we would suggest buying gold nearly from this price zone. Stop loss should be below at $1750 price zone.
The alternative scenario is if gold breaks above the $1810 price zone, we can buy instant and continue our long order. In that case, we can use our stop loss below the $1777/1775 price zone.
On the other hand, if anyhow gold manages to stable below the $1775/1777 price zone, gold may continue its downtrend again. And it will be considered as a fake upside break out.
Keep in touch for further updates.
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