Strong Demand Level @ 2287-2277
Updated
From what we saw before the market close on Gold, it has become clear that the 2287-2277 Level will be a strong Support Zone for Gold. We also see a clear breakout from our current uptrend, which could potentially retest and then break down further from the 2303-2307 Resistance Zone shown on the 5m timeframe, or, more likely, from the 2314-2320 Resistance Zone area. Getting back all the way to 2325-2333 Resistance is possible though unlikely in my opinion. Upon market open on June 10th, we could see the market pull back down to the 2287-2277 range before pushing up to our current resistance levels. I can't see Gold breaking out of the 2314-2320 zone due to the fundamental news that has come out, and I quote, "The People's Bank of China's decision to pause its 18-month bullion buying spree "removes a major pillar of gold's ascent to multiple record highs. Then the "blowout headline U.S. non-farm payrolls number also spooked gold bulls and dragged the spot price back closer to the $2,300 round number." So, with proper risk management, if we see a retracement to the resistance levels above, it would be safe to say that opening sell positions should go in your favor.
Happy Trading!
Happy Trading!
Note
I am considering buying around 2287-2277 up until around 2303-2307. If a breakout occurs, I will wait until the 2314-2320 level to sell. Let's hope everyone has a profitable week!Note
Looking to sell around 2320-2325 areaTrade active
Current in a sell position from 2334.75. Everyone have a great weekend!
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