CryptoOfLondonAnalysis
Long

GOLD - Wait for support

FX:XAUUSD   Gold Spot / U.S. Dollar
Gold has broken a few levels of support last week and tested first resistance (red line) and gave a small rejection. I expect Gold now to retrace to test recent support (green line) for some more buyers to enter the market before aiming for the daily 200EMA.

$1240 to $1250 will be the hardest to break but if can break through then it could be the start of a new bullish swing aiming towards the $1300 price levels.

Every $10 price intervals are resistance levels but $1240 is the biggest barrier to break and if it can hold will become a nice solid floor to the market.

As we are coming closer to the end of the economic cycle Gold will be the go-to for investors to protect their money. At this level Gold is a great buy especially if you can afford to buy Bullion (physical) bars/coins. My forecast for Gold is $4000-$5000/oz during the peak of the economic correction.
Comment: Price appears to be ranging between the RED and GREEN lines on the chart. Likely the market is taking a breather and gathering more buyers into the market for a potential rocket the $1300 levels but it would be a bit early to be doing that since on the weekly chart GOLD is back below long-term support now resistance ($1240-$1245). If that price can break with momentum then it is likely to keep rallying hard to $1300 making this current dip a false breakout to the downside.

Tensions are growing globally so it's only a matter of time before the big investors start selling their stock and buying gold.
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