Gold Near Another Buying Zone
4H Chart
Daily Chart
Gold declined back for the past few days after reaching ~$1830/Oz last week, while our medium-term positions remain in profit since our signal to buy at $1770 and $1780 two weeks ago. In the meantime, gold is trading near a new buying zone which stands between $1800 and $1790 USD/Oz. While we maintain our stop loss for the current positions at the entry, while any new long position stop loss should not exceed $1770 USD/Oz. Technical indicators continue to improve every day, which suggests that any downside retracement is likely to remain limited as long as the metal is trading above these levels and preferably above $1800 USD/Oz.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1773.78 | 1793.65 | 1802.01 | 1813.52 | 1821.88 | 1833.39 | 1853.26 |