Good afternoon traders,
As part of our #SundaySetups we are taking a look at gold and its recent wild ride from 1350 area all the way back to the high 1270s. Looking at our trading view chart we have tried to cut out the noise, zoom out to the and highlight the support line that Gold has found at the 1275 area. Gold traded sideways for the large majority of last week before breaking higher to test resistance around 1287 closing at the top of the candle daily range suggesting we may see a break higher into next week.
Mondays trading will be key for gold , a move higher breaking through both price resistance at 1287 area and the declining trendline we have highlighted would lead to a retest of the descending around 1298 before a likely pull back and a fall back into the higher lows pattern and closing the week at a similar price to Fridays close. Both the on Fridays move higher and the stochastics crossover and turn up higher from last weeks oversold nature add weight to the potential retest of resistant around 1298-1299.
Quick clean that hopefully everyone can follow.
As always comments and feedback are always appreciated from anyone in the trading community
Have a good week trading!
from the Team at forexTrdr
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