Gold Pulls back to key level

Gold Pulls back to key level

Key Support: 1765
Key Resistance: 1775 – 1785

Long term view
Gold, as we have been discussing, is in a very bullish momentum due to investors seeking to protect their capital facing a capital markets collapse due to the pandemic we are living in.

We have seen Gold pull back 15% from all time highs to this exact level (1765).

15M chart reading
Gold made a weekly low at the 17660 level and has now printed a new higher high. We are looking to trade the breakout of the pullback above the previous base (1775)
Since we are trading a reversal on a big bearish move at the bottom of the week´s range we should only buy if the previous highs break which would also mean the continuation pattern is in play.

Targets should be at the previous daily highs and the setup is invalidated if Gold breaks the previous lows (1769)

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Author : Orlando Gutierrez

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