Gold is currently in a retracement with the potential for a further to the upside from the $3400 break-and-retest level. Last week we saw a massive rally to the upside for Gold after 2 days of indecision, during this rally, Gold broke above the $3400 resistance zone and now has the potential to use this level and platform to bounce further to the upside. On the 4 hour timeframe, Gold is comfortable trading above the 50 SMA and the $3400 potentially lays in the 45-55 zone of the RSI which is the sweet spot region indicating the need of a retracement and continuation of the the primary trend which is bullish. Will be looking to trade from $3400 with Stop loss below structure towards the $3445 resistance level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.