GOLD(May 26) hopes of a potential debt ceiling solution increase
In June 2023, Comex futures contracts were most active, trading at $1,939. A potential upcoming agreement could solve the debt crisis that has caused pressure and a significant drop in gold prices for four consecutive days.
The futures price of gold has decreased by almost $40, from the opening price on Friday of $1,978 to the current fixed price of just under $1,942.
Technically, gold violated the 50% Fibonacci retracement level today at $1,947. The data set used for this retracement level started from $1,810, which was the low point in February of this year, to $2,085.
The 100-day moving average of gold at $1,939 was broken in yesterday's trading and became the first potential technical support level. The next technical support level for gold futures contracts is $1,915, corresponding to the 61.8% Fib retracement level.
The futures price of gold has decreased by almost $40, from the opening price on Friday of $1,978 to the current fixed price of just under $1,942.
Technically, gold violated the 50% Fibonacci retracement level today at $1,947. The data set used for this retracement level started from $1,810, which was the low point in February of this year, to $2,085.
The 100-day moving average of gold at $1,939 was broken in yesterday's trading and became the first potential technical support level. The next technical support level for gold futures contracts is $1,915, corresponding to the 61.8% Fib retracement level.
✅Buy order in the $1,928-$1,930 price zone when the support zone is approached.
✖️Stoploss: $1,924.
✅Sell the $1,966-$1,963 range when the price hits the resistance area.
✖️Stoploss: $1,970.