GOLD Gold price drops to new 14-week low as bears approach key 1903$ support confluence. Gold is still on track to post its biggest weekly drop since late January as the US Dollar cheers the market's risk-off sentiment, as well as Federal Reserve concerns. hawkish state (Fed).A downside break of the 1,903$ support confluence will need confirmation from the 1,900$ round figure, which also includes the one-day Pivot Point S2, before hosting a party for the Gold sellers.
Conversely, the previous daily low and the 5-HMA limit immediate gains around 1,915$ before directing Gold buyers towards the 38.2% one-day Fibonacci level, around 1,922$.
I think the strategy of selling
GOLD is extremely favorable around the 1925-1930 zone. My expectations are in the 1905$ zoneStop loss around 70 pips for each signal you trade
Trade active
The entry point is activated, are you ready
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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.