Gold technical analysis
Updated
Gold prices bounced back from 5-week bullish support to resistance, as did the 200 Exponential Moving Average (EMA), which was hovering around $1,950 at the time of writing.
Confidence in the XAU/USD downtrend could be boosted by bearish signals from the Moving Average Convergence Divergence (MACD) indicator and the relative strength index (RSI) falling line that is not oversold at 14.
This has pushed the gold price back to the previous week's low of around $1,925 and then appears poised to drop to the 6-week horizontal support area of around $1,915.
Therefore, it's important to keep an eye on June's monthly low of $1,893 for additional direction.
Conversely, a break above $1,950 would not be welcomed by gold buyers as a one-week resistance near $1,955 would test the bullish momentum. In that case, a horizontal range consisting of multiple highs marked since May 19 near $1985 will be the focus for the XAU/USD surge above $2000.
XAUUSD BUY 1933 - 1931
✅ TP1: 1940
✅ TP2: 1947
✅ TP3: 1950
❌ SL: 1927
Confidence in the XAU/USD downtrend could be boosted by bearish signals from the Moving Average Convergence Divergence (MACD) indicator and the relative strength index (RSI) falling line that is not oversold at 14.
This has pushed the gold price back to the previous week's low of around $1,925 and then appears poised to drop to the 6-week horizontal support area of around $1,915.
Therefore, it's important to keep an eye on June's monthly low of $1,893 for additional direction.
Conversely, a break above $1,950 would not be welcomed by gold buyers as a one-week resistance near $1,955 would test the bullish momentum. In that case, a horizontal range consisting of multiple highs marked since May 19 near $1985 will be the focus for the XAU/USD surge above $2000.
XAUUSD BUY 1933 - 1931
✅ TP1: 1940
✅ TP2: 1947
✅ TP3: 1950
❌ SL: 1927
Note
+ 40 Pips , Move SL to entry ✅✅✅Note
Note
Yields on 10-year US bonds fell 1.55% on the day to 4,014
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