Gold prices have been retracing up over the last four weeks. With dollar weakness in between, physical demand for gold is on the rise.

Gold Daily Chart

Price opened between the monthly pivot and MM2 at the beginning of the month. It failed to break a key level of support at 1123.43. An aggressive bull target of MR2 was achieved after it broke through resistance at MM4. I expect price to continue its upward move till the next key resistance level at MR2 @ 1250.00

Gold H4 chart

Price has been making a beautiful series of higher highs and higher lows on its way up with bulls buying at support and bears selling at resistance. I will be looking for buying opportunities at support also taking the 21 as dynamic support. An immediate support level @ 1206 is eyed.

Gold H1 Chart

A short term bear target lies at the next support level which coincides with DS1. Should price retrace all the way down there, I will be looking to buy.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.