Gold is trading modestly higher around $1780 in the European session this Friday. Prices have visited both sides this week in choppy narrow range trading. Gold market is trying to find a balance between an hawkish pricing of Fed interest rate hikes if inflation proves to be transitory, supportive to precious metal, and a Fed that would act if inflation persists.
A clear upside break of $1781 is necessary for the bulls to refresh the weekly top with $1797. In case $1800 is taken, $1809 and the early May tops surrounding $1,845 could test the commodity’s upside moves. Bears' next near-term downside price objective is pushing Gold prices below solid technical support $1700. First support is seen at $1,772 and then at last week’s low of $1761.
A clear upside break of $1781 is necessary for the bulls to refresh the weekly top with $1797. In case $1800 is taken, $1809 and the early May tops surrounding $1,845 could test the commodity’s upside moves. Bears' next near-term downside price objective is pushing Gold prices below solid technical support $1700. First support is seen at $1,772 and then at last week’s low of $1761.
Note
#GOLD is running in profit Book partial profits and move SL to the entry point
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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.