Gold price analysis on 2nd of May
Fundamental Analysis
According to the Institute for Supply Management (ISM), risk-off sentiment was the main reason why investors shifted their attention from better-than-expected US employment data to stable business activity in the manufacturing sector.
News reports revealed that Iran attacked Israel. According to ABC sources, Iran will launch 240-250 missiles at Israel. Meanwhile, Israel revealed that its air force will continue to attack targets in Lebanon, while US National Security Advisor Sullivan said, "There will be serious consequences for this attack."
Technical Analysis
Gold broke the trendline and was pushed back to the uptrend, exiting the downtrend channel and facing an important resistance level of 2673. When the price breaks the 2673 zone, it will form a strong uptrend channel and head towards 2700. The pullback to 2643 is considered an opportunity to buy at the present time, let's wait for the price reaction and trade together.
Trading signals
BUY GOLD 2643-2641 Stoploss 2538
SELL GOLD 2672-2674 Stoploss 2677
SELL GOLD 2684-2686 Stoploss 2688
SELL GOLD 2699-2700 Stoploss 2704
According to the Institute for Supply Management (ISM), risk-off sentiment was the main reason why investors shifted their attention from better-than-expected US employment data to stable business activity in the manufacturing sector.
News reports revealed that Iran attacked Israel. According to ABC sources, Iran will launch 240-250 missiles at Israel. Meanwhile, Israel revealed that its air force will continue to attack targets in Lebanon, while US National Security Advisor Sullivan said, "There will be serious consequences for this attack."
Technical Analysis
Gold broke the trendline and was pushed back to the uptrend, exiting the downtrend channel and facing an important resistance level of 2673. When the price breaks the 2673 zone, it will form a strong uptrend channel and head towards 2700. The pullback to 2643 is considered an opportunity to buy at the present time, let's wait for the price reaction and trade together.
Trading signals
BUY GOLD 2643-2641 Stoploss 2538
SELL GOLD 2672-2674 Stoploss 2677
SELL GOLD 2684-2686 Stoploss 2688
SELL GOLD 2699-2700 Stoploss 2704
Note
BUY zone 2643 + 200 pipsNote
nice support zone
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