GOLD - Strategy to buy gold after PMI news, trend reversal
Updated
Gold Price run-up justifies the previous week’s upside break of a fortnight-old resistance line, now support around $1,911. Adding strength to the bullish bias about the XAU/USD is Thursday’s Dragonfly Doji candlestick.
Furthermore, the impending bull cross on the Moving Average Convergence and Divergence (MACD) indicator joins an upward-sloping Relative Strength Index (RSI) line, placed at 14, to also favor the Gold buyers.
With this, the Gold Price appears well-set to confront a convergence of the 100-DMA and a downward-sloping resistance line from early June, around $1,945.
However, the XAU/USD’s upside past $1,945 appears bumpy as multiple resistances near $1,985 and the $2,000 psychological magnet will challenge the bullion buyers before giving them control.
On the flip side, the Gold sellers could return to the table on witnessing a downside break of the previous resistance line, close to $1,911. Though, an eight-month-old horizontal support region, close to $1,985-92, appears a tough nut to crack for the XAU/USD bears afterward.
XAUUSD BUY 1919- 1921💯💯
✅ TP1: 1926
✅ TP2: 1932
✅ TP3: 1938
🛑 SL: 1911
Furthermore, the impending bull cross on the Moving Average Convergence and Divergence (MACD) indicator joins an upward-sloping Relative Strength Index (RSI) line, placed at 14, to also favor the Gold buyers.
With this, the Gold Price appears well-set to confront a convergence of the 100-DMA and a downward-sloping resistance line from early June, around $1,945.
However, the XAU/USD’s upside past $1,945 appears bumpy as multiple resistances near $1,985 and the $2,000 psychological magnet will challenge the bullion buyers before giving them control.
On the flip side, the Gold sellers could return to the table on witnessing a downside break of the previous resistance line, close to $1,911. Though, an eight-month-old horizontal support region, close to $1,985-92, appears a tough nut to crack for the XAU/USD bears afterward.
XAUUSD BUY 1919- 1921💯💯
✅ TP1: 1926
✅ TP2: 1932
✅ TP3: 1938
🛑 SL: 1911
Note
Running +60Pips ✅
Related publications
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.