Gold – On the weekly time frame we can see that gold have bounced off key support area at around the 1300 level. Traders have been looking to buy at that area and if you are not already long this pair, you can look to buy when you see any weakness in this pair this week.
Also do take note that the candle close for last week is a bullish pin bar reversal and is formed dead smacked on a support zone. This is a good price action signal for traders to go long.
If we do go long gold, where are we expecting the sellers to come in next?
Look left of the chart and you will notice that we have resistance zone at around the 1380 – 1400 area. That will be a good place for you to take some profits if you long gold at a lower level last week or even this week.
Lets continue to monitor this yellow metal. Overall trend is up and you should be looking to buy gold.
To your success!
Pro Trader & Trading Coach
Pro Communitate. Ad Victoriam!
If you have found this article useful, you might want to gain access to our FREE 6 Modules FX Ninja Course. Gain understanding on how the Forex market works and what kind of skills you need to develop in order to become a successful Forex trader. Gain access to the course by clicking here ===> “Trade like a Forex Ninja Course“