Gold saw some bullish momentum last week. It moved higher to $1675 on Friday but the sellers came back and pushed Gold lower, back to opening price near $1660.
Gold and Silver have lost the safe haven status and turned into normal trading assets. Xauusd has lost around $450 since then or around 25% of its value and sellers are in control. Retraces higher have ended up in vain and sellers continue to push lower.
The commodity holding above $1660 can target longer term Fibonacci and 200 week moving average resistance near $1680. Closing below $1650 it would target first support at $1640 and a break lower for $1632/$1630.
We consider selling Gold on a retracement higher at $1680-$1690 short term resistance area.
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Gold and Silver have lost the safe haven status and turned into normal trading assets. Xauusd has lost around $450 since then or around 25% of its value and sellers are in control. Retraces higher have ended up in vain and sellers continue to push lower.
The commodity holding above $1660 can target longer term Fibonacci and 200 week moving average resistance near $1680. Closing below $1650 it would target first support at $1640 and a break lower for $1632/$1630.
We consider selling Gold on a retracement higher at $1680-$1690 short term resistance area.
Please do not forget to like, comment and follow to support us, we really appreciate it!
Note
Gold is moving as expected from $1730 resistance area. You may close your trade if you went short.
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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.
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.