Gold Rally Halted at 200DMA
A recovery off near-term downtrend support is now testing initial downtrend resistance here with the 200DMA highlighting the 75% parallel here near 2344 post CPI / FOMC.
Key resistance / bearish invalidation steady at 2387.
Support rests with the May low at 2277- note the median-line there over the next few days. A break / close below would be needed to mark downtrend resumption.
Powell presser on tap- watch today's close.
Michael Boutros, Sr Technical Strategist
MBForex
Key resistance / bearish invalidation steady at 2387.
Support rests with the May low at 2277- note the median-line there over the next few days. A break / close below would be needed to mark downtrend resumption.
Powell presser on tap- watch today's close.
Michael Boutros, Sr Technical Strategist
MBForex
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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.