Dear traders!
Gold is licking its wounds below $2,900 early Tuesday after three consecutive days of seller dominance. The market now awaits key U.S. economic data releases to gain fresh trading momentum, with the JOLTS Job Openings report set to be released later on Tuesday, followed by the critical Consumer Price Index (CPI) report on Wednesday.
From a technical perspective, the downtrend remains in control, especially as the price continues to trade below the crucial $2,930 - $2,895 consolidation zone. At the same time, the 34.89 EMA is converging near this area, reinforcing it as a key resistance level. Therefore, we can continue to consider SELL opportunities if the price retests this resistance zone.
Additionally, keep a close watch on the $2,880 support level, where gold could either rebound or break lower, extending its decline toward the lower boundary of the trend channel.
Wishing you a successful trading session with great profits!
Gold is licking its wounds below $2,900 early Tuesday after three consecutive days of seller dominance. The market now awaits key U.S. economic data releases to gain fresh trading momentum, with the JOLTS Job Openings report set to be released later on Tuesday, followed by the critical Consumer Price Index (CPI) report on Wednesday.
From a technical perspective, the downtrend remains in control, especially as the price continues to trade below the crucial $2,930 - $2,895 consolidation zone. At the same time, the 34.89 EMA is converging near this area, reinforcing it as a key resistance level. Therefore, we can continue to consider SELL opportunities if the price retests this resistance zone.
Additionally, keep a close watch on the $2,880 support level, where gold could either rebound or break lower, extending its decline toward the lower boundary of the trend channel.
Wishing you a successful trading session with great profits!
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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.
Related publications
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.