GOLD 19/06: Start a new week
Updated
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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