GOLD Gold Price jostles with a convergence of the 50, 100 and 200 Exponential Moving Averages (EMAs), not to forget the 50% Fibonacci retracement of its June 02-15 downside, near 1,955$-1954$.In doing so, the XAU/USD extends the previous pullback from a fortnight-old descending resistance line, around 1,965$ by the press time, amid bearish MACD signals.
That said, the RSI (14) line is below 50.0 and suggests bottom-picking in the Gold Price.
Hence, the GOLD buyers may remain hopeful unless witnessing a clear break of a two-week-long horizontal support zone surrounding 1,940$-1938$, even if the bears conquer the 1,955$ support confluence.
With the above comments, I expect a buying
GOLD price zone at 1837-1945. My expectations when gold bounces are 1950$, 1960$ and finally 1965$You can also sell gold in the 1967$-1970$ zone
My stoploss zone is around 50pip for each of your trading signals
Trade active
This morning, gold was close to the entry point, everyone take note
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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.