Bullish continuation is expected in Gold. It all starts from the H4 chart where the commodity broke above the most recent trend line and it looks like it is correcting itself at the moment.
I believe this correction is near its end as we are pretty close to the trend line (re-test) and there is a strong support zone on the way.
Hidden bullish divergence formed already and it is confirmed on the H1 chart. Now let’s drop to the intraday charts and see how exactly to join.
In the M15 chart we are looking for a false break below 1320.45. This is the first step. Next we want to see the price breaking above the most recent down trend line (yellow). A small pullback and we can go long.
Stop Loss – below last low (the one of the false break).
Target 1 – 1330.80.
Target 2 – 1347.45.
I believe this correction is near its end as we are pretty close to the trend line (re-test) and there is a strong support zone on the way.
Hidden bullish divergence formed already and it is confirmed on the H1 chart. Now let’s drop to the intraday charts and see how exactly to join.
In the M15 chart we are looking for a false break below 1320.45. This is the first step. Next we want to see the price breaking above the most recent down trend line (yellow). A small pullback and we can go long.
Stop Loss – below last low (the one of the false break).
Target 1 – 1330.80.
Target 2 – 1347.45.
