Gold could rise to 2420 zone

29 Jul

Last week, I was bearish on Gold and ended up with a total gain of around 400 pips.
While my last sell trade closed with a modest profit of 30 pips, it prompted me to reconsider my outlook.

At this moment, I'm bullish on Gold and expect the price to rise to around 2420 in the coming days. The posted 2-hour chart shows that after the second touch of the significant 2350 support zone, the price started to rise impulsively. If we combine Thursday's and Friday's candles, we see a long-tailed reversal Pin Bar.

Currently, the price is still below the falling trend line and the important 2400 level, but I believe it's only a matter of time before it breaks higher.
In that case, I expect an acceleration towards the next significant resistance at 2420.

My strategy is to buy on dips.

29 Jul

Catatan

Gold is trading at an important level, if it breaks here 2350 zone is exposed