Gold has been trading downwards. The price tested the level of $1.324.90. Anyway, according to the H1 time – frame, I found that Gold is in a corrective phase and that a potential bullish flag pattern is in creation which is a sign that upward price is expected. The key short-term support remains at $1.320.50.
To open long positions on Gold you need:
Aggressive entry: You can buy at $1.324.50 even before the completion of the bearish correction and put SL below $1.320.00.
Conservative entry: You can wait breakout of the bearish flag and resistance at $1.329.40 to confirm the upward movement. The protective stop can be placed at $1.320.00 and target at $1.335.00-$1.342.00.
The material has been provided by InstaForex Company - www.instaforex.com
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