Gold Buy Opportunity

The price broke the downtrend line and moved above the cloud. We have a support zone formed by the cloud and 1200.00 support level. If the price bounces from this zone and moves upward, it will be a new buy opportunity. Stop orders should be placed below 1200.00 support and the local swing low. The profit targets should be at the resistance levels. If the price breaks the previous swing high, it will be a good confirmation for further upward movement. The same goes about DMI indicator: it should become bullish with ADX line moving above 20 level. The high timeframe also looks bullish. You can read about possible market movements based on the weekly chart in the related ideas.

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