FXstreet

Gold prices are modestly higher and scored another three-month high in early U.S. trading Wednesday.

W1 price is located below SMA with period 100 (100 SMA) and below SMA with the period 200 (200 SMA) for the bearish market condition with the local uptrend as the secondary market rally: the price was bounced from 1047.65 support level for the rally to be started and with symmetric triangle pattern to be formed for the direction of the trend.

• If the price will break 1205.74 resistance level so the reversal of the price movement from the primary bearish to the ranging bullish market condition will be started.
• If price will break 1047.65 support so the bearish trend will be continuing.
• If not so the price will be ranging within the levels.

Resistance	Support
1191.48	1047.65
1205.74	N/A

• Recommendation to go short: watch the price to break 1047.65 support level for possible sell trade
• Recommendation to go long: watch the price to break 1205.74 resistance level for possible buy trade
• Trading Summary: rally

SUMMARY : bear market rally


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