Facts:
- GOLD price bounced off the mid-term support at 4202.70
- Main trend remains upward ftom 21 of November
Recommendation:
Trade: Long position on GOLD at market price
Target: 4282, 4305
Stop: 4185
Opinion: The gold market has been trading in an upward move recently. Looking at the technical situation, one can see that the precious metal bounced off the key mid-term support at $4202.70. This support is a result of previous price reactions, as well as the lower limit of 1:1 structure. According to the Overbalance strategy, as long as the price sits above $4202.70, one should expect the price to continue to rise. In addition the price sits above the 100-period moving average. We recommend going short GOLD at market price with two targets: 4282 and 4305. We recommend placing a stop loss order at 4185. Source: xStation5
