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Supportresistancetrader

A Long Trade on Gold ! Political tensions between US and Russia and the uncertainty in the Eurozone affected global markets yesterday. Investors were seeking long positions on safe havens such as Gold and the Japanese Yen. Gold was up $17 yesterday, it has now touched the 1.618 Fib level of the December to January 2017 rally.It acted as a nice resistance and I see the metal correcting to the 1262.93 support level. This level was previously a nice resistance in late February and should be the perfect spot to enter a long position. A golden cross of the 65 EMA over the 200 EMA is about to happen. This is a good indication of a bullish trend change. If Gold jump over the 1.618 level we should keep an eye at the old trendline and wait for a re-test at the 1279.92. Stop Loss should be below the pink trendline ($1250-$1255) Cheers
FX_IDC:XAUUSDLong
by TheMauritianStockTrader