Gold – Gold buyers keep prices trending higher
Gold has been trending higher in recent months, and we have been looking to trade long or buy, in-line with that uptrend. Price broke higher today which resulted in a close above last week’s high, and we are now looking to buy around 1240.00 – 1220.00 support area or even the 21-day ema (exponential moving average). Traders can watch for pull backs to the aforementioned support areas to be buyers, ideally on a 1 hour, 4 hour or daily chart time frame buy signal. We would also note that we will remain bullish / looking to buy whilst price is trading above the key support down near 1180.00.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn To Trade The Market, the world’s foremost trading education resource.