Forex Trader

Gold is not favorable for 5 weeks in a row and technical picture is still in favor of the bears. Daily MA100 is holding on the way up for the last three days and you can see how the precious metal is moving true the symmetrical triangle in my chart. The support at 1200 is more a pshisical then technical and sellers could try to reach 1180/85 in this case. If the buyers manage to break this triangle on the way up, there is daily MA100 again on the way and 1220 as resistance, it will not be easy for them to go higher. I would like to try a long entry in this trendline and support level at 1180/85 if the gold reach that. In this point it’s preaty unclear in wich direction the gold will move, but as I already wrote, I still see the advantage for the sellers.