Weekly level resistance turned support. Weekly close tomorrow will confirm.. or deny
Sitting tight on this for US economic data releases today. Target is a weekly level, so trading from weekly level to target the next weekly level. SL in profit at a 1:3. I find gold usually wicks less than GBPUSD or EURUSD on data releases, but we’ll see. Forming a higher low is promising. Lets see how the weekly closes tonight. COT report tonight can then tell us if institutions bought in this week or whether they’re closing longs and rotating or even shorting gold.
Successfully closed through the weekly level. This puts us sitting bullish for next week, also still holding longs into weekly levels above.