Gold grew up on Friday and is testing the level of resistance 1273.80 - 1276.20, where large volume is concentrated. The move was on large volume, so we should wait for the reaction of the price to the resistance in order to understand the further direction of gold. Of course, given the presence of large volume accumulation at the top of the chart and the local downtrend, we must give advantage to short positions.
Sales should be opened after a strong and sharp rebound of the price from the resistance. The move should be on large volume, so it will be a more accurate signal for entering the market. A stop loss should be placed above the level 1276.20. A potential of the deal is 120 points.
The bottom line: short positions after a strong rebound of the price.
Sales should be opened after a strong and sharp rebound of the price from the resistance. The move should be on large volume, so it will be a more accurate signal for entering the market. A stop loss should be placed above the level 1276.20. A potential of the deal is 120 points.
The bottom line: short positions after a strong rebound of the price.