Gold continue to pay attention to several things at once
XAUUSD Technical Overview:
Pivot: $1205.20
Day Trading Range: $1200.00 - $1218.50
Key Resistance: $1210.66 - $1214.59 - $1217.33 - $1221.20
Key Support: $1205.20 - $1203.25 - $1200.00 - $1196.28
Technical Indicators:
RSI: Indicator lacks downside momentum, moving around 64 level.
Moving Average: SMA 20($1203.63) & SMA 55($1200.71) strong support for Gold.
Technical Trade Idea:
Most Likely Scenario: long positions above 1205.20 with targets at 1212.45 & 1215.38 in extension.
Alternative scenario: below 1205.20 look for further downside with 1203.25 & 1199.89 as targets
Overall, Gold continue to pay attention to several things at once, as there are fears about the trade war, questions about whether the Federal Reserve will be able to raise interest rates in that environment, and then of course a lot of fear in the emerging markets. This has made the precious metals sector very difficult to trade at times, if you are looking at short-term charts. However, all one has to do is zoom out to the longer-term charts and recognize that we are in a major downtrend. This isn’t to say the gold can’t rally, most certainly can and it has. However there are levels where we see a lot of resistance previously. This is seen just above at the $1215 level, which should be a bit of a challenge to get above. That’s not to say that we can’t break above there, but we need some help from the US dollar.
Thanks
YoCryptoManic
Pivot: $1205.20
Day Trading Range: $1200.00 - $1218.50
Key Resistance: $1210.66 - $1214.59 - $1217.33 - $1221.20
Key Support: $1205.20 - $1203.25 - $1200.00 - $1196.28
Technical Indicators:
RSI: Indicator lacks downside momentum, moving around 64 level.
Moving Average: SMA 20($1203.63) & SMA 55($1200.71) strong support for Gold.
Technical Trade Idea:
Most Likely Scenario: long positions above 1205.20 with targets at 1212.45 & 1215.38 in extension.
Alternative scenario: below 1205.20 look for further downside with 1203.25 & 1199.89 as targets
Overall, Gold continue to pay attention to several things at once, as there are fears about the trade war, questions about whether the Federal Reserve will be able to raise interest rates in that environment, and then of course a lot of fear in the emerging markets. This has made the precious metals sector very difficult to trade at times, if you are looking at short-term charts. However, all one has to do is zoom out to the longer-term charts and recognize that we are in a major downtrend. This isn’t to say the gold can’t rally, most certainly can and it has. However there are levels where we see a lot of resistance previously. This is seen just above at the $1215 level, which should be a bit of a challenge to get above. That’s not to say that we can’t break above there, but we need some help from the US dollar.
Thanks
YoCryptoManic