Gold has recovered and is trading higher...Now as we know we have resistance on Gold at 1776/78. Therefore is we get near to these levels we need to sell any longs and attempt shorts. Now any shorts are only for a short term pullback and we would then be looking to cover shorts and go long.

Longer term Gold is still a good investment, and we have closed above the weekly trendline and this should help to push prices higher over the next few weeks.

More short term however and the top of the trend channel at 1784 will also be a good levels for sellers to get in..The base of the trend channel is located at 1757 and this is our downside target this week.. We are buyers here, holding longs unless we break the 1751 support.

 

The article was first published by CharmerCharts