Long Position - Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
Price has been inside this channel since December with a few touches even earlier back.
The support area is a round number - 1300 and has been hit many times so proves to be a strong level. Resistance is 1350-1360 which is also a strong level.

MA's have just crossed over which is one indication of a trend reversal. Stochastic is also pointing upwards and is sat at 24 - another indication that price is going to rise. And lastly, we see a bullish hammer candle from the day before.

I think we will see price reach 1350 eventually
Trade closed: target reached


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