GOLD has been moving in uptrend since December 2015 but recently the correction has started. Support was broken at 1340$ level but still local support at 1325$ has been stopping declines for now. It is likely that bulls will start shopping spree only at area 1310$ – 1300$. It will cause rebound and the end of the correction.

After the rebound will be started goal for upward movement is located at 1390$ – 1400$ area. Consolidation or new correction should occur there.

TRY IT NOW

XAUUSD_H4

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.