Time to buy Gold?

Gold lost a few more dollars these past few days posting a loss of $36 total this week going from $1,142 to $1,106. With price well below the 200SMA and on a strong support level this might be a good time to go long on Gold and wait for the long projected $1,200.

First support level is $1,107, second appears to be $1,096. So if you have open positions you might want to consider closing them if price falls below $1,096. First resistance is $1,118, second resistance is $1,127. Above $1,127 bullish trend will be confirmed. Until then, use tight stops and have patience.

Chart: XAUUSD H4