Trade ideas for gold

Trade ideas for gold

Trade idea

SELL 1280; TP1 1276; TP2 1270; SL 1282

BUY 1300; TP 1308; SL 1298

The downside correction is long due in XAU/USD. Gold is stuck ahead of resistance at 1298.50. A fix below 100-period MA on H4 will be significant as the price was last seen there only in November. The break of the pennant to the downside will pull it down to 1276 an 1270 (100-week MA). The alternative is a break above 1300: it will allow the uptrend to continue towards 1308.

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