Mihai_Iacob

Gold- Correction in progress. Where should we buy?

OANDA:XAUUSD   金/米ドル
In my Friday post, I said that Gold is trading in the resistance zone and a correction could follow.
After a very short-lived spike close to 2k, the price started to drop and at this moment a small (at least so far) and well-deserved correction is in progress.
On both weekly and daily charts, XauUsd is strongly bullish, and medium-term traders could expect a rise above 2k and even a new ATH.
On smaller time frames things are not so clear though.
The impossibility of a clear break above resistance on Friday could be a warning that we could expect more losses in the short term.
A level to watch closely for bulls is 1950 support with respect to the trend line started in the 1800 zone.
That being said, I'm bullish Gold on medium term, but I'm looking for signs of strength near support for a good risk reward, at this moment (1975 at the time of writing), is not worth opening a trade in either direction.





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