Gold – Approaching Key Support Zone, MT Bullish | Aug 31

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Gold – Approaching Key Support Zone, MT Bullish (daily chart)
Selling off the last 9 out of 11 days, gold has lost about 3% with heavy impulsive selling. In the process the yellow metal has broken below ST support around 1310 and is heading towards the MT support zone between 1300 and 1278.

I have a MT bullish bias while above 1250 on a daily closing basis. If this zone holds, then if it can clear 1310, a likely attack on 1350 is on desk.

If however the zone folds, then we’re in for much more technical downside with a key price action structure being broken.

gold price action analysis 2ndskiesforex

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