07/06 - Will gold have a breakthrough point?
Updated
Gold traders were boosted by a sluggish US Dollar, unimpressive markets and mixed China data.
However, there are some challenges for gold buyers near the $1970 level as yields continue to fall.
Gold price encounters many resistance levels around $1970, which makes it difficult for buyers.
The immediate support is at $1955, and if the gold bears conquer this level, the one-week 61.8% Fibonacci level could act as an additional filter towards the north near $1952 before welcoming the bulls.
Let's focus on the price range from 1969 to 1952. You can scalping this price zone
How do you feel?
However, there are some challenges for gold buyers near the $1970 level as yields continue to fall.
Gold price encounters many resistance levels around $1970, which makes it difficult for buyers.
The immediate support is at $1955, and if the gold bears conquer this level, the one-week 61.8% Fibonacci level could act as an additional filter towards the north near $1952 before welcoming the bulls.
Let's focus on the price range from 1969 to 1952. You can scalping this price zone
How do you feel?
Trade active
Sell 1965 -> 1957Note
The global economist at Pimco suggests that the Federal Reserve might have plans for additional rate hikes.Note
Buy 1955 -> 1962 70pipsNote
ECB member makes very pessimistic statements about inflation and interest ratesNote
Sell again 1966 -> 1957Note
Gold fails to break through the 1970 resistance areaNote
Sell 1970 +290pips
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