Gold trading 1317.5 it can bounce from this level or from 1308-1309 level ideal sl will 1303 where tp 1340-1350 will not surprise as its strong support 1310 where as fibo study it will complete is 100% move at 1305. other side if we see daily closing below 1303. next station will 1275-80
Gold – buy dips should be a good idea after the brexit vote last week. Ideally I want to see another leg to the down side and divergence forming. The most conservative way to try and join the bulls is to wait for the down trend line to be created and then broken up along with the most recent resistance or high. Then simply buy dips at the pullback.
Gold is currently at a good support zone. I believe we will see a further move up. Wait for a false break to the down side, followed by a breakout of last high and then buy pullbacks. As of now last high is around 1234.30.
Technically i think 1300 will be the best price to buy precious metal by putting stop below 1295 and target 1310 as first then 1315. As RSI is also crawling above 50 which is quite bullish and other technical indicators are also in favor of buy signal.
