GOLD: Possible long after correction down to horizontal support

GOLD:

Date: 3 Apil, 2017

H4 Graph: Long term short, possble short term long trend

Price of Gold made a correction down to horizontal support, which held the price and now its started to move up again, after breaking above diagonal resistance. Price does remain above 50 and 200 ЕМА, which are also in bullish configuration with 50 above 200 ЕМА. Price large remains within the bigger bullish price channel.

DEM: In the visinity of the oversold zone but turned up for possible long, pointing up.

Fundamental: Due to the uncertainty in the USA and more specifically due to the refoms and agenda of the new administration and how would be achieved, due to FED and the planned raises of the rates, due to the fact that indices are at a record levels and due to the uncertainties around the upcomming European elections, all these factors can support the raise of the precious metal, as a safe heaven status and possibly the investors will continue to buy it.

Alternative scenario: If the price moves lower again and passes below $1240 and previous swing low, this will cancel the bullish view.

Price for Entry long around: $1250

SL: $1237

Trader - S. Fuchedzhiev

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