Gold rejects last week´s lows

Gold rejects last week´s lows

Key Support: 1685
Key Resistance: 1715 – 1740 – 1760

Long Term View
Gold is still very much in a bearish market but it´s trading inside a falling wedge at a key level and this might be the reversal we are looking

1H Chart Analysis
Gold is still printing lower lows and lower highs around a key level (March 2020 Highs – 17000)
If Gold rallies and breaks the previous highs which are in confluence with the weekly pivot the falling wedge would breakout and a rally to retest the the previous support turned resistance around the 1760 would be in play.

This is a longer term trade and our entry is this far because we need this breakout to happen before we get triggered

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Author : Orlando Gutierrez

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