GOLD 14/06: Tonight's commentary on PPI news
Updated
GOLD From a technical perspective, the 1942$-1940$ area or the 100-day SMA can continue to act as strong immediate support. A convincing breakout and acceptance below will be seen as a fresh trigger for bearish traders. On the downside, any meaningful upside move on the day seems to face resistance near the 1,963$-1,965$ area ahead of the 1,973$-1,975$ supply zone. Next is the 1983$-1985$ resistance and the 2000$ psychological mark. Sustained strength beyond the latter will change the trend in favor of the bullish traders and lift Gold price to the next suitable resistance near the 2,010$-2,012$ area.
Because there is very strong support in the zone 1939$-1941$. So we will have a very nice buying price range around 1941$-1944$.
Stop loss around 1930$ (I don't expect it on my stop loss)
Trade closed: stop reached
PPI news is out but only 10pip less to my buy entry. It's really sad
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.