Gold rebounded towards $2330 after an unsuccessful
Updated
Gold rebounded towards $2330 after an unsuccessful attempt to settle below the $2300 level.
From the technical point of view, gold received strong support in the $2295 – $2305 range.
Gold completed a 50% retracement today with a low of 2,291 before buyers took control and ran the precious metal up to a high of 2,334, at the time of this writing. Earlier in Tuesday’s session the sellers were in control and dropped gold down to below its 20-Day MA to test support around the 50% retracement of the internal upswing. The 50% level is at 2,289. That is close enough given the subsequent bullish reaction following that low.
An upside breakout will be triggered on a rally above today’s high of 2,334, while a drop below today’s low of 2,291 signals a continuation of the correction. Also, gold could trade tomorrow inside day, which would provide a setup for Wednesday. A rally will be heading up into a potential resistance zone that arguably starts from around 2,354. Also, keep an eye on potential resistance around the 8-Day MA at 2,362 and this week’s high of 2,389.
From the technical point of view, gold received strong support in the $2295 – $2305 range.
Gold completed a 50% retracement today with a low of 2,291 before buyers took control and ran the precious metal up to a high of 2,334, at the time of this writing. Earlier in Tuesday’s session the sellers were in control and dropped gold down to below its 20-Day MA to test support around the 50% retracement of the internal upswing. The 50% level is at 2,289. That is close enough given the subsequent bullish reaction following that low.
An upside breakout will be triggered on a rally above today’s high of 2,334, while a drop below today’s low of 2,291 signals a continuation of the correction. Also, gold could trade tomorrow inside day, which would provide a setup for Wednesday. A rally will be heading up into a potential resistance zone that arguably starts from around 2,354. Also, keep an eye on potential resistance around the 8-Day MA at 2,362 and this week’s high of 2,389.
Note
💵XAUUSD SELL 2330 - 2332💵✔️TP 2320
✔️TP 2313
❌SL 2338
💵XAUUSD BUY 2311 - 2309💵
✔️TP 2320
✔️TP 2325
❌SL 2300
Note
XAUUSD BUY 2311 Hit Tp2 +140 PipsNote
XAUUSD SELL 2331 Hit TP 13 + 180 Pips
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