GOLD RUSH
Gold broke the downward trend and yesterday broke the resistance level of 1960/1962.
Possible retracement to 1960/1962 as it becomes a support then shoots up to the next level of 2003.
You can also see a perfect cup & handle formed in the past couple of weeks.
RSI shows a solid upward trend while stochastic is in the overbought zone, thus GOLD might fall for a day (or two) then rallies up to the next level. MACD supports the current Stochastic status.
Open trade at 1962 with a Risk/Reward Ratio of 2.43.
Also, keep an eye on the DXY as a pump in $$$ might cause a fall in GOLD.
Possible retracement to 1960/1962 as it becomes a support then shoots up to the next level of 2003.
You can also see a perfect cup & handle formed in the past couple of weeks.
RSI shows a solid upward trend while stochastic is in the overbought zone, thus GOLD might fall for a day (or two) then rallies up to the next level. MACD supports the current Stochastic status.
Open trade at 1962 with a Risk/Reward Ratio of 2.43.
Also, keep an eye on the DXY as a pump in $$$ might cause a fall in GOLD.
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