Gold 4H chart has been presented here today, and it is indicative of a bullish picture. Please notice that Gold had retraced the upswing between $1182.50 through $1245.00 levels by 61.8%. Furthermore, it found support of the counter trend line and also produced an engulfing bullish candlestick pattern as seen here. Looking at this structure, the next wave/swing should terminate above $1245 levels and prices should stay above $1195.00 levels going forward. The extensions of earlier upswing that began from $1160 levels, are pointing towards $1270 levels, hence potential for the yellow metal remains higher for the next few trading weeks. Bottom line, prices should remain above $1195.00 levels going forward.
Remain long with stop below $1190 levels, targeting above $1245.00
The material has been provided by InstaForex Company – www.instaforex.com