Gold prices extended gains near $2,360 on Monday during the first hour of trading in Asia. Rising geopolitical tensions in the Middle East boost safe-haven flows and benefit precious metals.
Gold prices traded positively during the day. The yellow metal kept the bullish trend intact as it held above the key 100-day Exponential Moving Average (EMA) on the daily timeframe.
In the short term, XAU/USD climbed above the descending trend channel that formed in mid-April, with the 14-day Relative Strength Index (RSI) sitting in a bullish zone around 67.50, supporting buyers in current time.
If gold bulls enter the psychological $2,400 mark, the yellow metal could see a rally to all-time highs near $2,432, en route to $2,500. Gold price is trying to break the 2375 level to reach the round port of 2,300 USD.
Support: 2350 - 2340- 2332 - 2327 - 2316
Resistance: 2378 - 2391 -2400 - 2408- 2417
Breakout: Sell 2346 - Buy 2379
SELL zone 2391 - 2393 stop 2396
BUY zone 2330 - 2328 stop 2324
Gold prices traded positively during the day. The yellow metal kept the bullish trend intact as it held above the key 100-day Exponential Moving Average (EMA) on the daily timeframe.
In the short term, XAU/USD climbed above the descending trend channel that formed in mid-April, with the 14-day Relative Strength Index (RSI) sitting in a bullish zone around 67.50, supporting buyers in current time.
If gold bulls enter the psychological $2,400 mark, the yellow metal could see a rally to all-time highs near $2,432, en route to $2,500. Gold price is trying to break the 2375 level to reach the round port of 2,300 USD.
Support: 2350 - 2340- 2332 - 2327 - 2316
Resistance: 2378 - 2391 -2400 - 2408- 2417
Breakout: Sell 2346 - Buy 2379
SELL zone 2391 - 2393 stop 2396
BUY zone 2330 - 2328 stop 2324
Trade active
Trade active
Gold reached 2343Note
Gold trades around 2338 on a break from 2352 supportTrade active
Note
+ 100 pips for plan SELLTrade closed: target reached
Hit FULL TP
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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.