Gold - Buy Opportunity

The price bounces from the support zone between 1285.00 and 1280.00 levels. The reversal candlestick pattern and RSI confirm this price reversal. MACD histogram supports a possible upward movement. DMI is bearish with ADX line moving upward. It tells us about the strength of sellers. The market can make one more attempt to break the support zone and move lower.

Pending orders for buy can be placed above the candlestick pattern. If the price breaks this level, it will give us an additional confirmation for the further upward movement. Stop orders must be placed below the swing low or 1280.00 support level. The main profit target should be at 1300.00 resistance. The 2nd target can be 1325.00 level. If the price reaches 1300.00 level, stop orders should be moved to the breakeven level.

Comentário:

The price broke the support level and moved lower. The buy pending order was not activated. There are no active buy trades now and I'm searching for new trading opportunities.