Gold - good to buy on dips
Buy on dips around $1206-1208 Target $1219-$1230, Stops below $1095
The weekly chart below shows a nice symmetrical triangle pattern…Prices breached support of weekly 100-MA (still sloping upwards) and $1214.40 (May low). The metal extended losses to $1204.70 earlier today before recovering to $1212.60.
I feel the metal has found a temp low at $1204.70 and is likely to extend the recovery to $1219 and $1230 levels…. mainly because the 10-year treasury yield is yet again struggling to break above 2.4%.
The weekly chart below shows a nice symmetrical triangle pattern…Prices breached support of weekly 100-MA (still sloping upwards) and $1214.40 (May low). The metal extended losses to $1204.70 earlier today before recovering to $1212.60.
I feel the metal has found a temp low at $1204.70 and is likely to extend the recovery to $1219 and $1230 levels…. mainly because the 10-year treasury yield is yet again struggling to break above 2.4%.