GOLD Gold prices started the week softer and moved further away from one-week highs, around the 1,970$ region touched on Friday. XAU/USD trades just above 1,960$ during the Asian session, albeit without any further selling and manages to hold above the key support of the 100-day Simple Moving Average (SMA).On the downside, Friday's highs, around the 1,975$ area, now appear to act as immediate resistance ahead of the 1,981-1.983$ supply zone. A sustained strength beyond that could trigger a short-term offsetting move and lift Goldp rice to reclaim the psychological 2,000$ mark. GOLD might extend its upward trajectory and eventually climb to the next relevant resistance near the 2,008$-2.010$ area.
I expect
GOLD to fall to the 1939$-1942 zone, then when it encounters resistance in this area, it will return to the expected level of 1980$-1982$.Stop loss 70pips per trade
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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.