The precious metal after testing the support of the upward
sloping trendline at $1,213.54 on 09/05/2017 resumed an uptrend breaking above
supply trendline to reach an high of $1,295.77 almost testing key resistance level
of $1295.92.
Looking the daily chart below, Gold may technically see a
reversal as a double top is seen to have been formed after yesterday’s
07/06/2017 trading session.
The metal is also trading above the Fibonacci retracement
zones while also we see a negative divergence between price and RSI 14 day
period
Looking at a lower timeframe Gold 1hour chart, the metal is
trading within moving averages 20, 34 and 100.
Strategy:
Short below $1282.47 targeting $1250 as first target price when
price closes below the moving averages on 1 hour timeframe for early entry and
reduced risk exposure.
On the other hand, a buy when price breaks above $1295.92
targeting $1340
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