A significant rise in gold price accompanied with a positive crossover on the ADX, this is also accompanied by trading above the psychological barrier of $ 1300.00. However, the key resistance today will be $ 1331.00.
Trading above 1331.00 will be a reason for the extension of the upside trend, and despite the fact that stability above the psychological barrier of 1300.00 is positive, but stability above 1331.00 will confirm targeting 1367.00 – 1368.00. Breakthrough price of 1368.00 will open the way for the arrival of the price of $ 1400.00 and possibly 1407.00.
However, Breaching down 1291.00 for any reason will cancel the negative. A very big risk and turbulence and large movement is expected, and that may leads us to recommend avoid trading in gold for those unable to accept high risk.
- Support:1303.00 – 1291.00 – 1280.00
- Resistance: 1331.00 – 1368.00 – 1407.00
Direction: Bullish above 1303.00, targeting 1365.00 and 1400.00 as long as the price trading above 1280.00