07.08.201915:10 Forex Analysis & Reviews: Gold 08.07.2019 -First target at $1.490 reached, awaiting for second target

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Gold has been trading upwards at the price of $1.496 in the past 24 hours and my first target from yesterday has been reached at the price of $1.490. Anyway, I still expect more upside.

Weekly view:

Based on the weekly time-frame, I found breakout of the huge symmetrical triangle pattern and most recently, the breakout of the 6-week trading range. Long term money is bullish together with the funds, which is sign that there is a strong demand for the Gold and I expect further higher price. Key resistance level is set at the price of $1.520.

4H time-frame view:

Based on the 4H time-frame, I found new momentum up on the MACD oscillator, which is sign of the underlying strong bullish pressure. I raised my stop loss to higher level and moved to $1.481 and on that way securing that good profit. Main target is still at the price of $1.520. Watch for intraday dips if you want to scalp on the long side.

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