GOLD 29/06: Gold has bottomed?
Updated
GOLD Gold prices exhibited a corrective rally to a three-month low, marked the previous day, as it retested an intraday high around 1,912$ early Thursday in Asia. GOLD consolidates the latest losses even as central banks defend the trend toward “higher for longer” interest rates.GOLD is currently hovering around 1,912$ and maintains a bearish view with a possible break above 1,900$. The daily chart shows that the bright metal has moved further below the 20 and 100 Simple Moving Averages (SMAs), which are currently converging at 1940$. At the same time, technical announcements point south in volume, approaching oversold levels with no signs of exhaustion.
In the near term and according to the 4-hour chart, the risk is tilted to the downside. GOLD does well at the bearish moving averages, with the 20 SMA providing dynamic resistance at 1925$. Ultimately, technical indicators remain in volume, with Consolidation Momentum and Relative Strength Index (RSI) slightly up but now around 40.
In my opinion, gold is already at the bottom of this week and is waiting to bounce back. In anticipation of this I expect a nice signal zone in 1930$ and 1935$ and I expect gold prices to return to 1910$.
Stop loss around 70pip for each signal you trade. Wish you win the market
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