Support: 2350, 2345, 2340, 2330
Resistance: 2366, 2375, 2380
Price action: Sideways to up. Do not short this market anymore!
Bias for the day:
Bullish above 2340 with targets above 2370
Bearish below 2340 with targets below 2330
Long-term: No new entries at these levels
Short-term: Aiming to buy this pullback at 2350
--
Yesterday´s call was spot on. However, we did not get down to USD 2,370 before FOMC data. Hence, no long trade opportunity yesterday. This morning gold is lower and support between USD 2,370 and USD 2,385 has been lost. Next support is USD 2,350-2,355. We expect a bounce out of this zone as 4h stochastic is getting pretty oversold. As well, silver has more or less tested its recent breakout zone with an intraday low at USD 30.17 but could still move lower towards USD 29.35ish before a bottom is in place. Nevertheless, we have a new sell signal on the daily chart for gold, which means that as long as any recovery remains below USD 2,390 to 2,400 it is just a bounce from oversold levels..
Resistance: 2366, 2375, 2380
Price action: Sideways to up. Do not short this market anymore!
Bias for the day:
Bullish above 2340 with targets above 2370
Bearish below 2340 with targets below 2330
Long-term: No new entries at these levels
Short-term: Aiming to buy this pullback at 2350
--
Yesterday´s call was spot on. However, we did not get down to USD 2,370 before FOMC data. Hence, no long trade opportunity yesterday. This morning gold is lower and support between USD 2,370 and USD 2,385 has been lost. Next support is USD 2,350-2,355. We expect a bounce out of this zone as 4h stochastic is getting pretty oversold. As well, silver has more or less tested its recent breakout zone with an intraday low at USD 30.17 but could still move lower towards USD 29.35ish before a bottom is in place. Nevertheless, we have a new sell signal on the daily chart for gold, which means that as long as any recovery remains below USD 2,390 to 2,400 it is just a bounce from oversold levels..
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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.