Mihai_Iacob

Gold- 1950 zone is the key for future movement

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
In my Monday's commentary, I wrote that Gold is strongly bullish and dips in the 1950-1960 zone should be bought.
Indeed, yesterday, the price corrected in that zone and reversed strongly after touching 1955, also leaving a nice Pin Bar on our daily chart.
Thus, the bullish moment is intact as long as yesterday's low is not breached and we can have a genuine break above 1985 and continue towards ATH.
However, if the bulls are incapable of holding the price above yesterday's low, a deeper correction could follow and Gold could drop to 1900 zone.
In conclusion, buying dips remains the preferred strategy.

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