Gold remains on the buy zone of the immediate and intermediate trend line support and is seen to be trading around $1764 for now. Despite the fact that RSI remains stretched on several time frames, Gold has continued to print highs and higher lows, the recent one being $1780. Rather than speculating on a top, we would rely on further price action to define the next larger move. Immediate support is seen around $1717/20, followed by $1670 respectively. A break of support would be considered the first step towards initiating short positions. Watch out for $1780/90 zone for a potential reversal. We favor neutral stance at this moment.
Watching price action for now.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
Watching price action for now.
Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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.
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.