GOLD 16/05 : Nice sell entryTVC:GOLD Gold prices push the lower line of a two-month-old bullish channel as XAU/USD traders brace for key US Retail Sales and debt ceiling negotiations among US policymakers.
However, the 200 SMA adds strength to the $2000 support, making it key for the XAU/USD bears to break before taking control.
Even if Gold prices drop below 2003$, the 2,000$ round figure could act as an additional filter south before heading XAU/USD towards mid-April lows around 1,975$ .
On the downside, a two-week-old descending resistance line, around 2,025$ at press time, protects the Gold price rally in the short term.
Following that, the previous monthly high near 2,050$ could test XAU/USD's upside momentum before directing the bulls to the recent record high near 2,085$.
It is worth noting that the top line of the stated bullish channel, near 2,095$ at the latest, stands ahead of a round figure of 2,100$ to challenge the subsequent Gold buyers.
Overall, Gold price is likely to move higher unless it sustains a breakout of 2,000$.
SELL GOLD zone 2024 - 2029
Stoploss: 2034
Take profit 1: 2019
Take profit 2: 2014
Take profit 3: 2009
