Gold bounces from massive support

Gold bounces from massive support

Key Support: 1684
Key Resistance: 1725 – 1750

Gold dipped this week from the weekly pivot to retest the 1680 level again. As discussed earlier this week this level is a massive support on the daily/weekly and very likely where big money is going to be stepping in.

On the lower times frames (1H) we saw price reject this level whilst printing a big bullish divergence. For our entry we waited for the base`s highs to break and we are targeting the previous week´s lows / weekly pivot.

Gold is currently up 1.1%

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Author : Orlando Gutierrez

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