GOLD 31/05: Gold recovers at the end of the month!
Updated
GOLD Gold holds the previous day's correction off key short-term support while rounding up to 1958$ during Wednesday's Asian session. Precious metals show a sluggish market mood ahead of key US data/events as the GOLD bears run out of steam.The metal thus appears to have limited upside, thus highlighting the convergence of the 21-DMA and the 50-DMA, around 1990$, as the key near-term resistance.
Accordingly, 2,000$ could act as an additional bullish filter before driving Gold prices towards April highs around 2,045$ and all-time highs near 2,070$.
On the other hand, the previous support line around 1,945$ and multi-day bullish support near 1,940$ limit Gold's short-term downtrend, a break of which will direct the bears towards the rounded figure of 1,905$.
SELL
GOLD 1955- 1958Stoploss: 1965
Take Profit 1: 1950
Take Profit 2: 1945
Take Profit 3: 1940
BUY
GOLD 1945-1948Stoploss: 1940
Take Profit 1: 1953
Take Profit 2: 1958
Take Profit 3: 1965
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