Mihai_Iacob

Gold- 1940 remains in focus for bulls

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
In my yesterday's analysis, I said that Gold could reverse to the upside due to the daily Morning Star candle formation and the break above the recent falling wedge pattern.
Indeed, after a drop to 1910 support, Gold reversed and had 1930 high.
A correction followed after this rally, but gold stopped at 1920 recently formed support and is trading at the time of writing at 1927.
The rise is very well sustained by bulls and looks like is forming a stears type of growth.
In conclusion, my outlook remains unchanged: buy dips for a target at 1940 with negation only under yesterday's low.




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