Gold (currently at: 1183 level) after taking a direct run from 1128 to 1220 during the second half of March, 2015 as I previously expected. The 1220 level was a strong resistance to stop this run from moving up to the next level.
I still prefer the long positions for the gold, wait for the gold to fall sharply this time, with the nonfarm payroll next week, you should not buy GOLD early without a clear support.
The GOLD (XAU/USD) has the following major resistance and support levels:
- RESISTANCE: 1220
- SUPPORT: 1076
Breaking these levels in any direction will take us higher or lower.
My Daily BUY/SELL advice (50 pips stop loss applied):
- Sell: at 1180 – Take profit 1100 (80 pips profits)
- Buy: at 1080 – Take Profit 1180 (100 pips profits)
- Buy: at 1010 – Take Profit 1160 (150 pips profits)
This review is valid during trading week(s): 30th, March-3rd April, 2015