Once again, sorry for the lack of posts on my blog recently - I have had a lot going on and haven't had much time to keep this updated daily as much as I would of liked to.
Gold has quite possibly formed a bottom on the recent down move (correction) from this years up move and it stalled around the 50% fib retracement levels.
Currently, market price is hovering around the 38.2& fib retracement and we are now in a recovery from the correction. CMP @ $1310 at time of writing this.
From my personal analysis, I believe we are resuming the uptrend that began at the beginning of this year purely on a technical basis. 1300 was taken out again without much problems when it was time and now as mentioned before, we are currently playing around the 38.2% fib retracement.
I am currently long and don't intend to short Gold even for scalps because I do not see the RR in shorting gold at the moment. I'm looking to take out some profits between 1316-1322 where there was previous support and resistance in the down move. I see a small pull back occurring around there before heading back into the 1330s.
Intraday we are clearly in an uptrend now and have been respecting previous S/R levels from the down move.
As you can see in my intraday hourly chart below, I am looking for 1306-1307 to be respected as support if it were to get down to those prices in the near future but looking for 1316+1322 to be seen within this week.
We are in an upward channel and I am looking for buying opportunities on any decent pullbacks or retracements from the support and resistance levels.
