Gold price cannot break the 2325 resistance level to form a short-term uptrend. Gold retreated to levels near 2310 as the US dollar tried to recover even as US Treasury yields eased again.
The release of US retail sales data on Tuesday, weekly jobless claims on Thursday and a flash purchasing managers' index on Friday could provide clarity. in terms of consumption and economic strength.
In the last two weeks, the wide range that gold is trading at is still 2340 and 2300. The lower levels of 2308 and 2325 are still keeping gold prices stable from yesterday's European session to today. In general, gold still moves sideways until the latest data from the US economy is released.
Support: 2308 - 2300 - 2291 - 2286
Resistance: 2330 - 2340 - 2350
SELL zone 2338-2340 stoploss 2343
BUY zone 2308 - 2306 stoploss 2303
The release of US retail sales data on Tuesday, weekly jobless claims on Thursday and a flash purchasing managers' index on Friday could provide clarity. in terms of consumption and economic strength.
In the last two weeks, the wide range that gold is trading at is still 2340 and 2300. The lower levels of 2308 and 2325 are still keeping gold prices stable from yesterday's European session to today. In general, gold still moves sideways until the latest data from the US economy is released.
Support: 2308 - 2300 - 2291 - 2286
Resistance: 2330 - 2340 - 2350
SELL zone 2338-2340 stoploss 2343
BUY zone 2308 - 2306 stoploss 2303
Trade closed: target reached
Hit FULL TP for plan BUYNote
+ 200 pipsTrade closed: target reached
+ 250 pipsTrade active
Gold price consolidates in a range around $2,330 area, remains below 50-day SMAGold price is seen consolidating near the top end of a short-term trading range. Fed rate-cut uncertainty holds back traders from placing fresh directional bets. The USD is undermined by Tuesday’s weaker US Retail Sales and lends support.
Trade active
Note
Gold has hit a two-week high around 2365. Let's update gold's latest strategy.
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Disclaimer
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