Trade of the day: GOLD

10:21 AM July 19, 2019

Summary:

  • Gold retested support at $1438
  • The rally continues after a moment of range trading

Trade: long GOLD at market price
Target: 1453
Stop: 1428

Justification: The rally on the gold market continues. The precious metal broke to fresh YTD highs yesterday.. Today we observe a correction, but the upward trend structure has not been broken yet. In case the support zone (marked by the recent highs) is defended, another upward impulse could be delivered. Local highs reached over the night could be the first target for the buyers. We recommend going long  gold at market with a target of 1453 (YTD highs). Source: xStation5

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