Gold is trending Bearish. As per technicals , we should look for Sell entries. Last day, Price has seen multiple rejection from 1930 Level. As of writing of this analysis 20 SMA is at 1922, 50 SMS is at 1935 and 200 SMA is at 1958 (4H chart). All moving averages pointing downwards and price is under the said MAs. On daily chart Price is under 20-50-100 SMAs.
I seeing minor support at psychological level 1900 (TP1). Below that support at 1885 (Tp2). And then 1850 and 1810 for Long term. But we should not contemplate that long but watch level by levels.
Resistance levels to watch Today: 1920 Soft resistance, 1930 Medium resistance. 1940 will be key resistance area for today (28th June)
One thing to mention that today is the public speaking of BOE, BOJ, ECB and FED chairmen. That could be a jolting moments in forex market when all chairman make statements at the same time. Market will be interpreting things abruptly and randomly. I recommend to close trades at that time or catch spikes at key levels. But remember anything can happen during this period. Trade safe. I wish u Good Money and Good Luck!!
I seeing minor support at psychological level 1900 (TP1). Below that support at 1885 (Tp2). And then 1850 and 1810 for Long term. But we should not contemplate that long but watch level by levels.
Resistance levels to watch Today: 1920 Soft resistance, 1930 Medium resistance. 1940 will be key resistance area for today (28th June)
One thing to mention that today is the public speaking of BOE, BOJ, ECB and FED chairmen. That could be a jolting moments in forex market when all chairman make statements at the same time. Market will be interpreting things abruptly and randomly. I recommend to close trades at that time or catch spikes at key levels. But remember anything can happen during this period. Trade safe. I wish u Good Money and Good Luck!!
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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.