GOLD 1908$ - 1900$. The bulls are activating the guard force
Updated
Gold traders are closely watching the potential Bear Cross on the daily chart, which is responsible for the recent decline in the price of Gold.
To confirm the bearish momentum, the Gold price needs to close below the downward-sloping EMA34 and cut through the EMA89 from above.
At the moment, the 14-day Relative Strength Index (RSI) is below the midline, indicating that there are still downward risks for the Gold price.
If the price continues to drop, it is expected to find immediate support at the low of $1,908 on March 16. If this level is breached, the price could further decline towards the $1,900 mark. The March 15 low of $1,886 will be a crucial level for Gold buyers.
On the other hand, if the price starts to rise, it will face strong resistance around the $1,930 region. Breaking above this level will challenge the bearish trend and test the confluence of the 21 and 100 DMAs at $1,944. The next significant target for the upward movement is the psychological level of $1,950.
BUY GOLD zone at: $1904 - $1900
SL $1895
SELL GOLD zone at: $1926 - $1928 - $ SL $1934 (It is best to carefully review the FOMC news before entering the order)
To confirm the bearish momentum, the Gold price needs to close below the downward-sloping EMA34 and cut through the EMA89 from above.
At the moment, the 14-day Relative Strength Index (RSI) is below the midline, indicating that there are still downward risks for the Gold price.
If the price continues to drop, it is expected to find immediate support at the low of $1,908 on March 16. If this level is breached, the price could further decline towards the $1,900 mark. The March 15 low of $1,886 will be a crucial level for Gold buyers.
On the other hand, if the price starts to rise, it will face strong resistance around the $1,930 region. Breaking above this level will challenge the bearish trend and test the confluence of the 21 and 100 DMAs at $1,944. The next significant target for the upward movement is the psychological level of $1,950.
BUY GOLD zone at: $1904 - $1900
SL $1895
SELL GOLD zone at: $1926 - $1928 - $ SL $1934 (It is best to carefully review the FOMC news before entering the order)
Note
Gold extends its decline, preparing for a spike in the Fed's favorite inflation index.Trade active
Buy 1903 -> 1911Note
Buy +80pipsNote
tonight 29/6/23 have news Final GDP and Unemployment Claims. Everyone enter orders carefullyNote
Gold price moves to the entry level $1900Note
price is still moving sideways around $1910
Related publications
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.