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.
Author
EagleFX Team
EagleFX
EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and
