30/05 - Gold is still gloomy
Updated
Gold prices fell as US Treasury yields fell, but the possibility of a US debt ceiling deal being challenged and the risk of default boosted gold demand.
However, the end of the holiday season in many markets could lead to further declines in gold prices.
The US CB Consumer Confidence Index is due out today, and Germany and the Eurozone will soon release preliminary estimates of the May Harmonized Consumer Price Index.
Gold sellers are waiting for a clear break of the $1935-1933 area to believe that the price will continue to decline.
Previous support 1954.9 and up to May is near 1.960 to limit gold's short-term uptrend.
Strong support: 1.935,3 1.912 1.901,8
Strong resistance: 1.954,9 1.965,2 1.972
What do you think about gold today?
However, the end of the holiday season in many markets could lead to further declines in gold prices.
The US CB Consumer Confidence Index is due out today, and Germany and the Eurozone will soon release preliminary estimates of the May Harmonized Consumer Price Index.
Gold sellers are waiting for a clear break of the $1935-1933 area to believe that the price will continue to decline.
Previous support 1954.9 and up to May is near 1.960 to limit gold's short-term uptrend.
Strong support: 1.935,3 1.912 1.901,8
Strong resistance: 1.954,9 1.965,2 1.972
What do you think about gold today?
Note
The 1935-1933 price zone can be broken todayNote
Temporary support 1935.3 is also not solidNote
1942-1945 became the new resistance zoneNote
192x will be available today?Note
SELL SCALP 1942-1945TP 1935 -1928
SL 1950
Note
sell hit stop loss, wait 1954-1957Note
Sell 1957 -> 1951 +60pips
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