Currently Gold Is trading on uptrend Yesterday it crossed upside the downtrend resistance and still running above it. Yesterday Gold is tried to break above the horizontal resistance of 2023.05 (blue dotted line in he chart), but it could not break above and slip down back to its trend support and reversed back. If this level is successfully broken then Gold may rise up to 2031.50 and the same above 2043.50 But it still has the potential to retrace downwards, if it could not break this resistance (2023.50) and get reverse from or around this level and breaks the support of 2008.50 it may slip down below 1997 and the same below 1985.50.
For day trading I am expecting a correction up to 2014.00
Today’s important levels for trading are 2012.18, 2017.54, 2023.25 and 2028.61
Trading idea for today: Buy on Dip
Trade setup:
Pullback Buy around@2014.50 Deeper Buy around@ 2008.50
Safe swing sell below 2007.50
Safe swing buy above 2023.50
Important Event : No events Today