Gold is still there where I left it few days ago. I have already mentioned in my charts that it will move within range of 2000 - 2077. Right now on daily chart main resistance is 2077 while support is 1988. Gold price attracts some dip-buying during the Asian session on Tuesday and recovers a major part of the overnight modest losses. Geopolitical tensions in the Middle East, along with concerns over China's weak economic recovery, lend some support to the safe-haven precious metal. The upside, however, remains capped as investors continue to roll back expectations for a more aggressive policy easing by the Federal Reserve (Fed), which could undermine the non-yielding yellow metal.
Any subsequent move up beyond the 2030 area is likely to confront stiff resistance near the 2040-2042 supply zone. The latter should act as a key pivotal point, which if cleared decisively could trigger a short-covering rally. The Gold price might then climb to the 2077 area before aiming to reclaim the 2100 round-figure mark.
On the other side around the 2017-2016 region, now seems to protect the immediate downside ahead of the 2000 psychological mark, or over a one-month low touched last week. A sustained break below the latter could make the Gold price vulnerable to accelerate the fall towards the 1988 intermediate support. The downward trajectory could extend further towards the 100 day Simple Moving Average, currently around the 1972 area and the 200-day SMA, near the 1964-1963 zone.
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!
Any subsequent move up beyond the 2030 area is likely to confront stiff resistance near the 2040-2042 supply zone. The latter should act as a key pivotal point, which if cleared decisively could trigger a short-covering rally. The Gold price might then climb to the 2077 area before aiming to reclaim the 2100 round-figure mark.
On the other side around the 2017-2016 region, now seems to protect the immediate downside ahead of the 2000 psychological mark, or over a one-month low touched last week. A sustained break below the latter could make the Gold price vulnerable to accelerate the fall towards the 1988 intermediate support. The downward trajectory could extend further towards the 100 day Simple Moving Average, currently around the 1972 area and the 200-day SMA, near the 1964-1963 zone.
Note
Please never follow anyone blindly and always remember following key points:
1- First and Last thing in trading is patience.
2- Risk management in trading is a Key so use your money accordingly.
3- Please Don't think I'm always right. I could be wrong, same as every other trader.
4- I always posted my thoughts, not financial advice.
5- Please use your mind and try to get knowledge about market. It will help you in future
Thank you and Good Luck!