In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we discuss how Gold has pulled back to strong support.
Recent geopolitical developments, ongoing Brexit negotiations, trade war concerns and heightened tensions again between the US and Iran, not forgetting the recent dovish Central Bank policies. These all help support the underlying price of Oil. However, from a technical perspective, it looks like we have the opportunity to get into this trade to the upside.
On a daily time frame, we have failed to close above 1450 on a couple of occasions. Since then we have pulled back to the 1224 level of support and it has consolidated around this price. This gives us a clearly defined opportunity to buy this market above yesterday’s high of 1430.
Gold Has Pulled Back to Strong Support – Full Video Analysis
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