GOLD (May 23) weaker on mild technical selling
Gold prices fell during US trading on Monday due to chart-based selling pressure as short-term technical views worsened. The prices were also impacted by a stronger US dollar index and increasing US Treasury yields at the start of the week.
June gold futures bulls currently have a short-term advantage, but it's weakening. The market capitalization has been established with a new downtrend on the daily bar chart.
The next goal for the bulls is to close above the solid resistance at $2,025. On the other hand, bears aim to consolidate futures to solid technical support at $1,900. The first resistance is at $1,988 and then at $2,000. The May low of $1,954 is the first support, followed by $1,950.
June gold futures bulls currently have a short-term advantage, but it's weakening. The market capitalization has been established with a new downtrend on the daily bar chart.
The next goal for the bulls is to close above the solid resistance at $2,025. On the other hand, bears aim to consolidate futures to solid technical support at $1,900. The first resistance is at $1,988 and then at $2,000. The May low of $1,954 is the first support, followed by $1,950.
Comment:
Buying the $1950-$1952 zone may be considered as the price approaches the support zone. Stoploss: $1945. Note: the plan is only on hold until the important data is published !!!
