98
Currency Analyst since 2010

Gold: trade ideas

On the H1 chart, the GOLD is trying to form a lower high pattern above the support level of 1323.75, because the GOLD has been in a bullish consolidation phase from yesterday's session. That support level coincides with the 38.2 Fibo level, so the GOLD is very likely to make a breakout at that level and fall to the support level of 1321.12, where is located the 50.0 Fibo level.

On the other hand, if the GOLD manages to make a breakout on the resistance level of 1334.69, it is expected to rise to the level of 1343.08 in the medium term, because the GOLD has been very strong in the bullish bias. The CCI indicator is showing a bearish divergence, which could support our hypothesis.

Trading recommendations: Place buy orders if the GOLD does a breakout at the resistance level of 1334.69, witk take profit at 1343.08. Also, you can put more buy orders if the GOLD does a bullish rebound at the 50.0 Fibo level.

Chart. H1 XAU/USD

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