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GOLD Following Upward Wedge Pattern | June 1, 2017



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Gold is moving higher despite a drop in Eurozone inflation. This metal is following an upward wedge pattern on H4 time frame. The stochastic indicator shows overbought on h4. Little down expected before bullish rally again. 1260 is near-term support level for GOLD. There is a chance to pullback from this level. Another buy zone lies on 1248-50 level. We need to look this level to enter buy on this yellow metal. If this support level is broken, then we should go for sell with a target of 1230.

On the upper side, 1274 is good resistance for this pair. Important horizontal resistance lies on 1292 level. We need to consider these support and resistance levels to take entry on Gold. 



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