Gold Could Extend its Gains
|Gold, in its hourly chart, presents a short-term bullish sequence that began on February 05th, at $1,547.55 per ounce, boosted mainly by coronavirus spread concerns and its potential impact on the global economy.
Taking into consideration that the short-term upward trend remains intact and the price action doesn't reveal any signs of a bearish reversal, a potential bullish continuation in the golden metal is likely, which could be confirmed if the price consolidates above $1,575.47 per ounce.
A bullish position will activate if the price breaks and closes above $1,575.47 per ounce. Our conservative perspective considers a potential profit target at $1,581.40 per ounce. If Gold continues extending its gains, the price could climb to $1,588.21, and even up to $1,595.55 per ounce.
The level that invalidates our bullish scenario is placed at level $1,567.77 per ounce.
Trading Plan Summary
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Entry Level: $1,575.47.
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Protective Stop: $1,567.77.
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1st Profit Target: $1,581.40.
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2nd Profit Target: $1,588.21.
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3rd Profit Target: $1,595.55.
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