Gold: bulls are working hard

Gold: bulls are working hard

2019-11-11 • Updated

On the daily chart of gold, the bulls updated February high and tested the diagonal resistance in the form of the upper boundary of the downward trading channel. As a result, the AB = CD pattern was activated. Its targets are located near $1286 (127.2%), $1312 (161.8%), $1340 (200%) and $1357(224%) per ounce.

On the hourly chart of gold, quotes are moving within the upward trading channel. The bulls remain their control over the pair. In this situation, you might consider buying on the rollbacks to the support or on the formation of longs at the break of resistance.

Recommendations:

BUY $1278 SL $1263 TP1 $1312 TP2 $1340,

BUY $1270 SL $1255 TP $1312.

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