Gold is trading in the buy zone of its trend line support, but a drop below $1747 would trigger price action in the sell zone. Conservative traders might want to see the yellow metal break below interim support at $1747 before initiating short positions. If bulls attempt to pus higher, the next in-line resistance is around $1790 levels. Please note that support comes in around $1717/20, followed by $1670 respectively. A break below $1670 would confirm Gold has reversed lower and top is in place. Also note the trend lines would be broken as Gold enters firmly into their sell zones. Aggressive traders might want to remain short against $1790 levels.
Short, stop @ 1790, target @ 1670 for the short term.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Short, stop @ 1790, target @ 1670 for the short term.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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.
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.