Early in the European session, gold traded around 3,368, showing signs of exhaustion after reaching the weekly high of 3,403. We could expect a technical correction to occur in the coming hours toward the 21SMA or the 7/8 Murray EMA at 3,355.
If the bearish momentum is maintained, gold could continue its decline. To do so, we should wait for confirmation below 3,350, then the price could reach the 200 EMA at 3,277. Around that area, gold left a gap on May 29, and it is likely that it could be filled.
On that other hand, if bullish strength prevails, we could expect a technical rebound around 3,35. This area has provided gold with a good rebounding point in the past, and this time the price reach the 8/8 Murray at 3,437.
This week, US employment data will be released, which could trigger strong volatility. This, in turn, could cause the price of gold to reach 3,437 or fall towards 3,270.
Our trading plan for the next few hours is to sell gold below 3,387 with a target at 3,359. Around this area, we should wait for a breakout or a technical rebound to occur before making a new decision.
If the bearish momentum is maintained, gold could continue its decline. To do so, we should wait for confirmation below 3,350, then the price could reach the 200 EMA at 3,277. Around that area, gold left a gap on May 29, and it is likely that it could be filled.
On that other hand, if bullish strength prevails, we could expect a technical rebound around 3,35. This area has provided gold with a good rebounding point in the past, and this time the price reach the 8/8 Murray at 3,437.
This week, US employment data will be released, which could trigger strong volatility. This, in turn, could cause the price of gold to reach 3,437 or fall towards 3,270.
Our trading plan for the next few hours is to sell gold below 3,387 with a target at 3,359. Around this area, we should wait for a breakout or a technical rebound to occur before making a new decision.
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DAILY FREE SIGNAL. FREE SIGNAL (95% accuracy) TP AND SL PROVIDED
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
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.