GOLD before FOMC - Waiting for a nice Break
Now, the focus is entirely on the minutes of the Fed's June meeting, for any further signals on the direction of US interest rates.
This trend indicates that gold will come under more pressure in the coming months, although expectations of a potential recession in the US have also boosted some safe-haven demand for the yellow metal.
Gold is waiting for a break out of the 1931.5$ price zone to break out to find the target of 1940$ and 1950$ in the near term. If implementing Break out strategy. Pay attention to the nearest resistance around 1924$
SELL GOLD zone at: $1937 - $1940 - $ SL $1945
SELL GOLD zone at: $1925 - $1928 SL - $1932 (small lot)
Based on technical analysis indicators EMA 34, EMA 89 with strong resistance zone $1940 - $1943
This trend indicates that gold will come under more pressure in the coming months, although expectations of a potential recession in the US have also boosted some safe-haven demand for the yellow metal.
Gold is waiting for a break out of the 1931.5$ price zone to break out to find the target of 1940$ and 1950$ in the near term. If implementing Break out strategy. Pay attention to the nearest resistance around 1924$
SELL GOLD zone at: $1937 - $1940 - $ SL $1945
SELL GOLD zone at: $1925 - $1928 SL - $1932 (small lot)
Based on technical analysis indicators EMA 34, EMA 89 with strong resistance zone $1940 - $1943
Trade active:
GOLD sell 1926 => 1921
Trade active:
GOLD +50pips
