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GOLD supported on weekly and monthly basis to target $1,360

Gold is supported by strong bullish signals on both the weekly and monthly price charts.

From this perspective 1,270 is a very strong support area whereas a breakout higher above 1,300 is the most probable outcome to target the upper monthly volatility band on the monthly price chart.

Strategy:

  • Buy any weakness against $1,270-1,280 price area
  • Target: $1,360
  • Invalidation: weekly close below $1,260
  • Profit/Risk ratio est.: (1360 – 1275)/(1275-1255) =  ca. 4:1

Gold Weekly Price Chart

Gold Monthly Price Chart

 

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