Two potential swing trades for gold
Gold futures saw a false break of $2060 on Wednesday, before momentum turned lower and sent prices back beneath the weekly and monthly pivot points. Those pivots have since turned into resistance, before gold saw a trendline break.
As RSI (2) is oversold and prices have found support at the 10-dy EMA and daily S1 pivot, bulls could seek a near-term swing long trade with a stop below 2045 and a target back near the pivots.
At which point, we see the potential for another leg lower, so bears could seek evidence of a swing high and for a move back down to $2040, or the swing lows near the daily S pivot.
As RSI (2) is oversold and prices have found support at the 10-dy EMA and daily S1 pivot, bulls could seek a near-term swing long trade with a stop below 2045 and a target back near the pivots.
At which point, we see the potential for another leg lower, so bears could seek evidence of a swing high and for a move back down to $2040, or the swing lows near the daily S pivot.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.