GOLD - move sideways in price range, waiting for CPI
Updated
Gold sold off on Friday, but the bulls managed to fend off the attack on the psychological $2,000 level, allowing the price to establish a base and recover on Monday, a sign signal that the path of least resistance remains to the upside, with the precious metal benefiting from the uptrend.
If XAU/USD remains on its bullish trajectory, and breaks out of the 2034 price zone and closes above it, the first hurdle to watch will appear at $2048, followed by the 2023 highs shortly. under $2,070. A successful test of this technical hurdle could consolidate upward momentum, paving the way for a move towards the channel's resistance at $2,100.
In the event of a failure, initial support lies at $2,000, but a breakdown could attract sellers and create suitable conditions for a pullback towards $1,975. On further weakness, the next downside target will move to the 50-day simple moving average hovering around the $1958 level.
SELL Scalp GOLD 2032 - 2029
Stoploss: 2035
Take profit 1: 2027
Take profit 2: 2020
Take profit 3: 2010
BUY GOLD 2000 - 2003
Stoploss: 1995
Take profit 1: 2010
Take profit 2: 2020
Take profit 3: 2030
If XAU/USD remains on its bullish trajectory, and breaks out of the 2034 price zone and closes above it, the first hurdle to watch will appear at $2048, followed by the 2023 highs shortly. under $2,070. A successful test of this technical hurdle could consolidate upward momentum, paving the way for a move towards the channel's resistance at $2,100.
In the event of a failure, initial support lies at $2,000, but a breakdown could attract sellers and create suitable conditions for a pullback towards $1,975. On further weakness, the next downside target will move to the 50-day simple moving average hovering around the $1958 level.
SELL Scalp GOLD 2032 - 2029
Stoploss: 2035
Take profit 1: 2027
Take profit 2: 2020
Take profit 3: 2010
BUY GOLD 2000 - 2003
Stoploss: 1995
Take profit 1: 2010
Take profit 2: 2020
Take profit 3: 2030
Note
SELL 2032 => To 2023. 100pips runningTrade active
SELL 2048 => To 2038, 100pips running
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