The red flags have been mounting in gold for a few weeks now - and likely to no surprise to regular readers, my opinion continues to reflect caution; today, more so than over the last month.
The below daily chart shows the rejection at the prior upward trendline proving itself stiff. The $1930 spot is once again broken to the downside, and daily momentum looks on a firm downward trajectory into oversold territory.
The below daily chart shows the rejection at the prior upward trendline proving itself stiff. The $1930 spot is once again broken to the downside, and daily momentum looks on a firm downward trajectory into oversold territory.
Comment:
Technically, August gold futures prices hit a three-month low early on today. Bulls have lost their slight overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.
Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,90. First resistance is seen at today’s high of $1,950 and then at $1,960. First support is seen at today’s low of 1,929 and then at $1,920.
Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,90. First resistance is seen at today’s high of $1,950 and then at $1,960. First support is seen at today’s low of 1,929 and then at $1,920.
Trade active:
🟢Operational strategy
✅Buy order in the $1,924-$1,926 price zone when the support zone is approached.
✖️Stoploss: $1,920.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!