60 / 100

Gold  is entering the correction phase after a false Breakdown of trend Resistance and the previous ATH. The fundamental background is changed by Thursday’s news that supported the dollar

Overall, the environment on D1 is still bullish. If the price finds a strong support in the near future, for example, 2390-2400, this area may get the status of an intermediate bottom, thus forming a new trading range.
There is no news today, thus the fundamental background remains the same. Trading has been complicated lately by the presidential race in the USA. The statements of Powell, the politically dependent Fed, and Trump can be perceived by traders quite strongly. But the medium-term outlook is determined by the fact that politicians are generally set to lower the dollar, which is usually favorable for gold, which may soon return to the bullish trend phase (locally)

Resistance levels: 2420, 2429, 2450
Support levels: trend, 2402, 2390

Technically, the price may continue the correction to trend support, but due to the pool of liquidity in the area where the price may land within the correction, gold may get a reaction in the form of a bounce to the nearest resistance

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

As you found this post useful...

Follow us on social media!

Please follow and like us:
Pin Share

By earn

INTRADAY BUY PIND FOR 2 SEPTEMBER Stocks With Major Volume and News MUTUAL FUND SIP MONEY TRIPPLE IN 10 YEARS FII DATA 18 SEPTEMBER MIDCAP AND SMALL CAP SHARES SELL