XAU/USD Market Analysis and Trading Tips 29th June 2016
Updated
Overview:
The Gold market fell during the day on Tuesday, but did found enough support below at the level of $1305 to bounce slightly. The main trend of Gold is bullish on charts and the $1300 level is looking a strong support level, at this point in time buyers are still interested in in the precious metal . The primary trend of Gold is bullish on charts. On its 4 hourly chart, market is trading above 100 days moving average. It is having important resistance at the level of $1330 and support level at the level of $1300. On its 4 hourly charts, MACD is sustaining in its positive territory and RSI is sustaining in its buying zone indicating the upcoming bearish trend in the oil prices. On intra day basis one can go for buy on lower level strategy.
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The Gold market fell during the day on Tuesday, but did found enough support below at the level of $1305 to bounce slightly. The main trend of Gold is bullish on charts and the $1300 level is looking a strong support level, at this point in time buyers are still interested in in the precious metal . The primary trend of Gold is bullish on charts. On its 4 hourly chart, market is trading above 100 days moving average. It is having important resistance at the level of $1330 and support level at the level of $1300. On its 4 hourly charts, MACD is sustaining in its positive territory and RSI is sustaining in its buying zone indicating the upcoming bearish trend in the oil prices. On intra day basis one can go for buy on lower level strategy.
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Trade closed: target reached
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