Gold: Bullish for the long-term
In the weekly chart we can see Gold is in a clear Bullish trend and forming a nice Bullish pattern. In the long-term I see the price moving above 1400 area. I recommended buy entry in my last analysis for the short term and the price didn't go up because I think we have one final lower leg remaining from where we can turn Bullish. Now I would suggest to wait for the prices to move towards the major trend-line support to place a valid buy entry. Short-term traders can sell the pair towards 1180 but Selling looks really risky at the moment as we are in the phase of making a bottom near the trend-line area and price is expected to return upwards from there to keep the long-term bullish view intact.
Recommendations for Long-term Traders: Wait for the prices to fall more and then place Long position between 1170-1190 area with a stop loss below 1100. Target 1420-1450
Recommendations for Long-term Traders: Wait for the prices to fall more and then place Long position between 1170-1190 area with a stop loss below 1100. Target 1420-1450
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