The gold is trading near weekly support around 1530 dollar. During
the last 3 weeks the gold reached 3 times that area and bounced back closing
above 1530 level. Yesterday, gold created a daily bullish candle, suggesting
that the power of bears is losing momentum while bulls seems to be determined
to protect 1530 level. Today, with major news from the US, gold has a chance to
gain momentum toward a bullish move. A buy order can be placed above yesterday’s
high with protective SL below 1530. First strong resistance is at 21 daily MA.
Another strong resistance is likely to appear around 1625 dollar.
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