Gold retraced lower last week, moving down within the overall uptrend that has been in place since December. On Friday, a small bullish pin bar (a price action reversal signal) formed, showing rejection of 1220.000 support area; a level we discussed recently as a potential level to buy near. If price holds above 1220.00 this week, we could see the uptrend resume from this pin bar, however, a failure at 1220.00 could see prices head back to test 1180.00 again. The chart below is suggesting that 1180.00 – 1200.00 is a ‘line in the sand’ for the short-term upward leg that we have seen recently. Our strategy of choice this week, is to look to buy pullbacks while price is still trading above major support at 1180.00 – 1200.00.
Original post source - www.learntotradethemarket.com
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