25/05 - Unexpected reversal, continuing the downward trend
Updated
Gold prices traded in a tight range of $1,950 to $1,980, after falling below $2,000.
Incoming US Orders data is expected to show a 1.0% decline, versus a 3.2% gain. Gold price is currently slightly above support established in April at $1,949.83.
If the current selling trend continues, the price can move towards stronger support levels at $1945 and $1930. Gold prices are likely to continue to fluctuate in a range with a downtrend until the market reacts to US economic data and announcements from the US Federal Reserve.
The 20 EMA at $1,969.26 is acting as a resistance for the Gold price, thwarting any uptrend. The relative strength index (RSI) (14) has dipped below 40.00 showing that the downside momentum is justified.
XAUUSD
SELL 1968-1971
Stop Loss 1978
My own expected return is 1962-1955-1945
How about you?
NOTE: Always put TP, SL to keep your account safe and win the market!
Incoming US Orders data is expected to show a 1.0% decline, versus a 3.2% gain. Gold price is currently slightly above support established in April at $1,949.83.
If the current selling trend continues, the price can move towards stronger support levels at $1945 and $1930. Gold prices are likely to continue to fluctuate in a range with a downtrend until the market reacts to US economic data and announcements from the US Federal Reserve.
The 20 EMA at $1,969.26 is acting as a resistance for the Gold price, thwarting any uptrend. The relative strength index (RSI) (14) has dipped below 40.00 showing that the downside momentum is justified.
XAUUSD SELL 1968-1971
Stop Loss 1978
My own expected return is 1962-1955-1945
How about you?
NOTE: Always put TP, SL to keep your account safe and win the market!
Note
Breakout 1950Note
50pipsNote
the price can move towards stronger support levels at $1945 and $1930 => Price is back to 1945Note
Gold 1940 => +100pips
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