Facts:
Gold price bounced off the key support near 3330
Gold has been trading in an upward move from 29th of May
Recommendation:
Trade: Long position on Gold at market price
Target: 3390, 3408
Stop: 3317
Opinion: Gold market has been trading in an upward trend recently. Looking at the H1 interval, one can see that the recent downward correction reached the key technical support, where declines were halted. Green area near $3,330 on the chart below is a result of previous price reactions, 100 – period moving average and lower limit of 1:1 structure. Taking this into account, continuation of the upward move looks to be the base case scenario for now. We recommend going long Gold at market price with two targets: $3,390 and $3,408. We recommend also placing a stop loss order at $3,317.
