Gold – Sitting In the Middle

20 Mar - Gold Daily Forex Chart

(Click on image for larger view)

Hi All,

A quick update on Gold. Gold made some interesting progress since my last commentary on 2nd Feb (see article). Looking at the chart above, price broke pass the soft support (~1336) which I mentioned earlier and made higher highs. Price is also channelling nicely upwards and it’s currently testing the bottom of the channel. While the bullish set up is valid, I will not disregard the bearish trend bars that happened in the last 3 days.

As price retest that same soft level, it is also sitting in the middle between a strong Resistance (~1430) and a strong Support (~1180). Let’s see what we’ll get from here onwards.

Thank you for reading and happy trading.

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