Gold- Bottom in place, at least for now
In yesterday's comment, I said that "losses should be limited at this point and we can even have a bottom".
All through the day, bears tried to push price lower and under 1865, but couldn't be able to do this.
At this point, Gold is trading at 1785 and 1765 is strong support.
I expect this rally to continue towards 1800 and remains to be seen if this is just a much-needed correction or a resumption of the long term uptrend.
Regardless, dips should be bought and only a break under 1765 would change this outlook.
My target for the next days is 1800 zone
All through the day, bears tried to push price lower and under 1865, but couldn't be able to do this.
At this point, Gold is trading at 1785 and 1765 is strong support.
I expect this rally to continue towards 1800 and remains to be seen if this is just a much-needed correction or a resumption of the long term uptrend.
Regardless, dips should be bought and only a break under 1765 would change this outlook.
My target for the next days is 1800 zone
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