Gold buyers jump in at 1736

Gold buyers jump in at 1736

Key Support: 1736
Key Resistance: 1756

I´m very bullish precious metals at the moment since Gold dipped to retest the 1675 level where I got my first buy. Right now Gold is retesting the 1736 level that was broken last week.

This level is KEY because it´s capping the downside in Gold in the short term.

On the upside we have the 1755 to 1760 level capping its rally. This is another KEY level; it was the November 2020 and February 2021 lows where we saw big buyers jump in. This is going to be the make it or break it level for bulls.

Adding to this, the USD (DXY) rejected the previous broken lows and its continuing its bearish move, giving a bullish kick to metals by doing so.

In the short term, Gold is trading inside a very structured bullish move and our buy today is a rejection of this structure and the weekly pivot in confluence with the KEY 1736 level. The immediate bearish structure (flag) is now invalid and buys are in play.

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Author : Orlando Gutierrez

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