GOLD Bullish Trend Continues Towards 1760 Zone

Gold has formed a bullish SHS pattern as the price made a bounce off the bottom of the right shoulder. We should see upward continuation.

The price is undergoing a retracement. 1718-25 is the zone of the right shoulders. We might see buyers there. If we see a bounce off the POC zone, the first target is 1739 followed by 1752 and 1763. However, another close above 1755 without a retracement to the POC zone, will move the price directly towards the target 1763. Only below 1699, this scenario will be invalid.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.