Recent gains in gold prices have pushed the yellow metal back to the key falling trendline from April. It is also sitting on the intersection of a former rising trendline from November. The pink circle in the chart below highlights this potential key zone of resistance that could prove too formidable to break through. But, an upside breakout would offer a stronger bullish technical conviction.
That would place the focus on the 23.6% Fibonacci retracement level of 1971 followed by the minor 14.6% point at 2013.65. Otherwise, holding at resistance and turning lower would be in line with the broader downtrend since earlier this year. Key support is the 38.2% level at 1903.46 followed by the August swing low of 1884.
That would place the focus on the 23.6% Fibonacci retracement level of 1971 followed by the minor 14.6% point at 2013.65. Otherwise, holding at resistance and turning lower would be in line with the broader downtrend since earlier this year. Key support is the 38.2% level at 1903.46 followed by the August swing low of 1884.
Note
🔹Newspaper: Goldman Sachs used Chinese government funds to buy American companies.Note
🕯 SELL GOLD | 1945 - 1942🔴 SL: 1950
🟢 TP1: 1935
🟢 TP2: 1930
Trade active
Running + 50pips ✔️✔️✔️Note
The key Non-farm payrolls number is expected to rise to 170,000, compared with a gain of 187,000 in the July report.Note
The dollar index declined and government bond yields varied after the emergence of US unemployment data.
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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.