GOLD Despite not being able to break above the two-week descending resistance line, closest near 1,930$, Gold Price is still much higher than the 1917$ support confluence comprising the 200 Hourly Moving Average (HMA) and four-day-old bullish support line. conversely, keeping the GOLD bulls hoping to breach the stated resistance line one more time.It should be noted that the 50% Fibonacci retracement level of the quote's weakness between June 16 and 29, adds strength to the 1,930$ resistance including the previously mentioned downtrend line.
Accordingly, a quick jump towards the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, near 1940$ cannot be ruled out.
However, the convergence of the 100-DMA and the downward sloping resistance line from early June on the daily chart, around 1945$, seems to be a tough one for Gold buyers then.
Meanwhile, a break of the 1917$ support confluence will need to be validated from the 23.6% Fibonacci retracement level around 1910$ before directing gold prices to the previous monthly low, also the lowest since March, about 1893$.
There is a signal to sell gold, I will guide everyone to buy entry around 1923. My expectation level for bounce is around 1930. Stay tuned and I will help you make a lot of profit.
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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.