Gold prices dipped in Asia on Monday with a mild rebound in the dollar prompting some physical selling.

Gold is trading at 1348.40 USD currently. We see that Gold continues its upward movement in a rising channel. ( First Chart )

The main H4 Chart ( the second one ) will give us a better idea.

The mid-term trend is still bullish. However, we see a bearish pressure on the H4 Chart. This is quite normal, and we may speak about a technical correction.
The first support is 1347. 1343 is the intraday support. If the price breaks below 1343; 1339 and 1335 can be tested. THESE LEVELS CAN BE USED TO ADD LONG POSITIONS.
Midterm support is 1324 and price will continue bullish move as long as it remains above 1324




Leave a Reply

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