Gold has been on a nice bullish run this month however prices are stalling at the 1245.50 level. We could see a double top and prices return to 1206 (key weekly level and 61.8 fib) or a more mild pullback to the highlighted area (around 1230) before prices continue higher to 1260. For the 1st scenario we could short on a break and retest of the 1230 level and trendline or short on a pullback to the 1230 level after prices test 1220. In the 2nd scenario we could long after seeing bullish price action at 1230 or after a break and retest of 1245.50. This will be nice to watch
Trade closed: target reached:
First target hit, waiting for a pullback to the support/double top (around 1245) before looking to go long again
