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.
- 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