Gold – Gold pulls back, looking to be a buyer
In our recent Gold commentaries, we have talked about how prices have been buoyant following a recent bottom that was carved out down near $1180.00 recently. Price has since reclaimed $1200.00 and $1220.00, both of which have now switched from resistance to support levels. Our views of looking to buy this market on retracements to support remain; we see the potential for prices to re-test $1250.00 area in the coming days and possibly $1300.00 in the weeks ahead. Whilst above the recent lows at $1180.00, traders can look to buy weakness; watch the relevant support areas near $1220.00, $1200.00 and $1180.00 for buying opportunities as this market retraces.
Nial Fuller is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 17,000+ students since 2008. Checkout Nial’s Blog – Learn To Trade The Market.