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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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.