Last week’s GOLD prices remained above 1243.30, which works as support. The October high was also at this level.
This week the course has already established a new maximum, which puts bulls in a privileged position. As the direction of movement has changed to the north, traders can look for buy opportunities.
The daily chart below shows that the price after the breakthrough $1243.30 has moved away from the EMA 10/20 channel, which provides dynamic support. In addition, an accelerated upward trend line from the November low can also provide support.
It is around these levels that you will be able to look for buy signals if there is a reversal in the near future. The key growth target is around $1307. This level was a support until May this year, and after the breakthrough, it did very well as resistance.