Gold prices have rallied quite strong over the last couple of weeks.
This is expected as I mentioned two weeks ago that price would hit
1920. At that time, Gold was trading at 1850 level.
The recovery has also been helped by a weak US Dollar.
However, things may change quite soon. Gold is facing some technical
resistance at the 1930-1940 level. So, it is quite likely that Gold will
start dropping.
So, for me, this is a low risk set-up. I would be looking for bearish price
action and sell the rallies in Gold.
This is expected as I mentioned two weeks ago that price would hit
1920. At that time, Gold was trading at 1850 level.
The recovery has also been helped by a weak US Dollar.
However, things may change quite soon. Gold is facing some technical
resistance at the 1930-1940 level. So, it is quite likely that Gold will
start dropping.
So, for me, this is a low risk set-up. I would be looking for bearish price
action and sell the rallies in Gold.
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Related publications
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.