GOLD 15/06: Gold's recovery momentum

Jun 15, 2023

GOLD Gold remains on the defensive around 1,935$ as it supports the 100-DMA following a three-day downtrend during the mid-Asian session on Thursday. The actions of the Federal Reserve (Fed) of the United States (US) provided a volatile day and halted the further downtrend of GOLD but failed to repel the bears with a pause. hawk tendency.

The daily chart for the GOLD pair shows that it holds most of its gains on the day, although it remains well below the weekly opening price. It has consistently met buyers around the directionless 100 Simple Moving Average (SMA) at 1,942$, while it bottomed out at$1,932$ in May, levels to watch the trend.

Support levels: 1,941.60 1,932.00 1,918.70

Resistance levels: 1.966.20 1,972.00 1,987.65

According to the current gold price, when gold has reached the old bottom, I expect a buy entry zone in the 1930$-1935$ zone. My expectations when bouncing around the area 1950$

Stop loss around 70pip per trade

Jun 15, 2023

Note

BUY 1931 => 1939. +80pips✅✅

Jun 15, 2023

Trade active

Gold is going down to the buying point for those who are late

Jun 16, 2023

Trade closed: target reached

BUY 1930 => 1960. 300pips✅✅✅✅