Gold: entry and target (June 12)
By Felippe Erazo
The GOLD has made a retracement from the level of 1240.23, so far, the GOLD is trying to consolidate above the 23.6 Fibo Level (1255.10). Yesterday it found resistance at the 1264.30 level, which coincides with the 38.2 Fibo Level. However, it is very likely to continue rising, because there aren't strong resistance levels on the way.
A pullback at current levels could lead to a drop to the support level of 1255.10. In addition, if the GOLD does a breakout at the support level, it is expected to fall to the level of 1240.23. However, if the GOLD attempts a breakout of the resistance level of 1264.30, it is expected to rise to the level of 1271.74 (50.0 Fibo Level).
Trading recommendation: If you want to put buy orders in the GOLD, we recommend to wait for a breakout of the 1264.30 level (38.2 Fibo Level), with take profit at the 1271.74 level (50.0 Fibo Level). CCI indicator is not showing divergence, so, the GOLD could continue rising, at least, until the 61.8 Fibo Level.