Gold prices lost traction and fell to $1,830 early in the US session on Thursday after having recovered to $1,840 earlier in the day. Yields on the benchmark 10-year US Treasury note rose nearly 2% on the day above 4%, forcing XAU/USD to hold its ground.
From a technical perspective, the overnight swing high around the $1,844 area seems to act as an immediate barrier. Some subsequent buying is likely to lift Gold prices further towards the 50-day Simple Moving Average (SMA), currently pegged around the $1866 area. The latter will act as a pivotal point, which, if unequivocally cleared, sets the stage for a further near-term upside move.
On the flip side, any subsequent drop could now find some support near the $1,822-$1.821 region ahead of $1,810 and weekly lows, around the $1,805-$1.804 area. Closely followed are the $1,800 round mark and the 100-day SMA, currently around the $1,795 region. A convincing break below the aforementioned support levels would be seen as fresh trigger for bearish traders and leave Gold prices vulnerable to further slide.
Support Level: 1,825.90 1,812.20 1,803.00
Resistance: 1,848.00 1,863.70 1,877.50
Recommendations for trading gold:
Buy 1824 - 1826
Stop Loss: 1821
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850
Sell 1848 -1849
Stop Loss: 1851
Take profit 1: 1835
Take profit 2:1830
Take profit 3: 1825
Note: Always set TP and SL in all trading cases
If you have any questions or support, please leave a comment
From a technical perspective, the overnight swing high around the $1,844 area seems to act as an immediate barrier. Some subsequent buying is likely to lift Gold prices further towards the 50-day Simple Moving Average (SMA), currently pegged around the $1866 area. The latter will act as a pivotal point, which, if unequivocally cleared, sets the stage for a further near-term upside move.
On the flip side, any subsequent drop could now find some support near the $1,822-$1.821 region ahead of $1,810 and weekly lows, around the $1,805-$1.804 area. Closely followed are the $1,800 round mark and the 100-day SMA, currently around the $1,795 region. A convincing break below the aforementioned support levels would be seen as fresh trigger for bearish traders and leave Gold prices vulnerable to further slide.
Support Level: 1,825.90 1,812.20 1,803.00
Resistance: 1,848.00 1,863.70 1,877.50
Recommendations for trading gold:
Buy 1824 - 1826
Stop Loss: 1821
Take profit 1: 1835
Take profit 2:1840
Take profit 3: 1850
Sell 1848 -1849
Stop Loss: 1851
Take profit 1: 1835
Take profit 2:1830
Take profit 3: 1825
Note: Always set TP and SL in all trading cases
If you have any questions or support, please leave a comment
