News: Gold has come under tremendous selling pressure this week as the market responded positively to the easing of the Sino-US trade war. "Investors' risk appetite has rebounded, and funds have withdrawn from safe-haven assets such as gold and turned to stocks and high-risk assets, causing gold prices to continue to be under pressure!
Technical side: With spot gold closing above $3,200, the bulls' goal is to break through the May 14 peak of $3,257, so that there is hope to test $3,300 and reduce the weekly decline. However, as depicted by the relative strength index (RSI), momentum is in favor of further downward movement of gold prices. It should be noted that the current rebound may only be a short-term correction. On the other hand, if gold prices fall back to $3,200/below and close below this level, further downward movement is expected, and the 50-day simple moving average (SMA) of $3,155 is regarded as the next support level for gold prices, followed by $3,100. Comprehensive analysis of the evening suggestions: first fall and then rise; focus on the upper resistance line of 3,225, and break the level to see the suppression of 3,265; short-term focus on the lower line of 3,192, and break the level to see the support of 3,168-3,120! GOLD watershed: $3,200
Technical side: With spot gold closing above $3,200, the bulls' goal is to break through the May 14 peak of $3,257, so that there is hope to test $3,300 and reduce the weekly decline. However, as depicted by the relative strength index (RSI), momentum is in favor of further downward movement of gold prices. It should be noted that the current rebound may only be a short-term correction. On the other hand, if gold prices fall back to $3,200/below and close below this level, further downward movement is expected, and the 50-day simple moving average (SMA) of $3,155 is regarded as the next support level for gold prices, followed by $3,100. Comprehensive analysis of the evening suggestions: first fall and then rise; focus on the upper resistance line of 3,225, and break the level to see the suppression of 3,265; short-term focus on the lower line of 3,192, and break the level to see the support of 3,168-3,120! GOLD watershed: $3,200
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✅Daily analysis and strategies
✅ Free Signals check out my Telegram group: t.me/GoldenView_analysis
✅ Free Signals check out my Telegram group: t.me/GoldenView_analysis
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.