GOLD Gold prices bounced off multi-month lows just above the March 16 low of 1,910$ on Friday, but the upside momentum lost its leg below the key horizontal 100-day Moving Average (DMA) at the level. 1,940$.The above two levels are likely to limit Gold prices ahead of Fed Chair Jerome Powell's speech and core US PCE inflation data later this week.
Adding further credence to the downside, the downward sloping 21 DMA is looking to cross the 100 DMA from above, indicating an impending Bear Cross.
On the downside, immediate resistance is seen at the roundabout 1,932$, above which the 100 DMA at 1,945$ will be a difficult level to break for Gold buyers.
Further south, a multi-month low of 1,910$ will emerge, below the March 16 low of 1,909$ that will support the bulls.
After gold fell to around 1915, I expect a buy around this price range, once gold is at the bottom, I expect to bounce back around 1945$.
Stop loss around 50pip per signal you trade
Trade active
everything goes according to plan
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.