At last Gold broke the descending that it was holding it in a longterm since 2011.
And the question that all traders want to know is where is the ceilling?In my opinion is not too far after we see an another big correction but it is too early to say.
Short-term we can read the charts and we have our answers..
1.Price is above 200EMA in so longs are favored.
2.Price is currently sitting at the bottom blue of the .
3.Price is also at the crucial 61.8% of the last leg up.
4.We have the as support which are well respected at this rally so far.
5.We also have an important horizontal based on previous price structure at 1320 area.
6.We have an enetring in oversold area soon.
7.Stochastics are already in oversold area.
8.We have the coinciding with principles and price action and our current multiple correction wave.We can see also a possible correction before the continuation upwards.
POSSIBLE LONG TRADE
STOP LOSS AT 1310-1315$ AREA
ENTRY PRICE 1320$ AREA
FIRST TARGET T1 AT 1350$
SECOND TARGET T2 AT 1370$
THANK YOU FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!