Resistance - $1303, $1313, $1322
Support - $1296, $1287, $1283
Gold Seasonality study
Support - $1296, $1287, $1283
Cautious Fed and a resulting sharp drop in Fed rate hike bets pushed gold above $1300 levels in Asia, although the 4-hour RSI is overbought, while daily RSI is entering overbought territory.
- Furthermore, dovish Fed was priced-into some extent, thus leaving doors for a technical correction to daily 5-MA level of $1287 levels.
- Gold's failure to take out/sustain above $1303 followed by a break below Asian session low of $1296 would signal a drop to $1287 levels.
- On the higher side, breach of $1303 on hourly closing basis could yield $1310-1312 levels.
Gold Seasonality study
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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.