Gold needs a weekly closing below $1,825 to target $1,800
Updated
Gold price is extending its three-day bearish momentum on Friday, following Thursday’s sharp reversal from near the $1,850 level. The buying interest around the United States Dollar (USD) remains unabated amid hawkish US Federal Reserve (Fed) expectations.
Gold price is once again challenging the bullish commitments below the falling trendline support-turned-resistance at $1,836. The bright metal is gearing strength for a sustained break below the horizontal trendline support from the January 5 low at $1,825.
Daily closing below the latter is needed to extend the downtrend toward the $1,800 threshold. The 14-day Relative Strength Index (RSI) points south, approaching the oversold territory, keeping the bearish bets alive and kicking.
On the flip side, Gold bulls need to find a strong foothold back above the descending trendline support-turned-resistance. The previous day’s high at $1,845 will be next on buyers’ radars on their way to the $1,850 psychological level.
Further up, the critical 50-Daily Moving Average (DMA) at $1,862 will be a tough nut to crack for Gold optimists.
Gold price is once again challenging the bullish commitments below the falling trendline support-turned-resistance at $1,836. The bright metal is gearing strength for a sustained break below the horizontal trendline support from the January 5 low at $1,825.
Daily closing below the latter is needed to extend the downtrend toward the $1,800 threshold. The 14-day Relative Strength Index (RSI) points south, approaching the oversold territory, keeping the bearish bets alive and kicking.
On the flip side, Gold bulls need to find a strong foothold back above the descending trendline support-turned-resistance. The previous day’s high at $1,845 will be next on buyers’ radars on their way to the $1,850 psychological level.
Further up, the critical 50-Daily Moving Average (DMA) at $1,862 will be a tough nut to crack for Gold optimists.
Note
Trading recommendation:Buy soup at the price range 1823 - 1820
Stop Loss: 1816
Take profit 1: 1835
Take Profit 2:1844
Take profit 3: 1850
Canh sell at the price range 1847 1846
Stop loss 1850
Take profit 1: 1840
Take profit 2: 1835
Take profit 3: 1830
Note: Always set TP and SL in all trading cases
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