Yesterday, gold dropped again to the important support zone at 2350.
However, bulls took control and elevated the price to interim resistance level.
Since then, the price has fluctuated within a tight range.
As explained yesterday, I am considering two bearish scenarios and expect a drop back to the 2300 zone.
A clean break above 2370 could expose the 2390 high from the NFP and potentially even rise above 2400.
However, in my opinion, for a swing trade, it is better to sell into these rallies, as there is more to gain on the downside.
In conclusion, at this moment, I am still out of the market, looking for signs of weakness at the highs or a clear break below 2350 before opening swing sell trades.
P.S. Aggressive traders, on the other hand, can look to buy dips against 2350 (now strong support) with a target towards 2400.
However, bulls took control and elevated the price to interim resistance level.
Since then, the price has fluctuated within a tight range.
As explained yesterday, I am considering two bearish scenarios and expect a drop back to the 2300 zone.
A clean break above 2370 could expose the 2390 high from the NFP and potentially even rise above 2400.
However, in my opinion, for a swing trade, it is better to sell into these rallies, as there is more to gain on the downside.
In conclusion, at this moment, I am still out of the market, looking for signs of weakness at the highs or a clear break below 2350 before opening swing sell trades.
P.S. Aggressive traders, on the other hand, can look to buy dips against 2350 (now strong support) with a target towards 2400.
Note
XauUsd broke above short term resistance.The road should be clear to NFP's high
Note
Gold is trading comfortably above 2370 short-term resistance which should act as support now.As explain, the road to Friday's high should be pretty clear now
Note
CPI and PPI will be very important for future Gold price with higher than expected figures potentially dragging Gold down and lower than expected resulting in a rise.However, considering price action and the fact that the market usually prices in the news before the release, I expect up continuation.
Support levels are at 2370 and a very important one at 2350.
Only price under the second one will put Gold in a bearish perspective.
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.