Support zone 2000-2010 shows weakness after being tested a couple of times on price rejections from the major resistance zone 2032-2052. A break with candle close will turn it into additional resistance, taking the price to its next support 1974-1981. DXY has a very strong daily & weekly closing & Silver this week has fallen badly making it bearish on higher time frames. Happy Trading!
Comment:
Two consecutive days, we have achieved both targets - first 1974-1981 yesterday, and then with strong manufacturing data and job data today price plunged from 1974 pre data to 1951. Now both 2000-2010 and 1974-81 have turned resistance zones, though I do not expect price to test them and instead head lower towards 1944 & 1934. Happy Trading!
Comment:
Thrice we have tested support around 1950-55 after rejection twice from resistance around 1980-83. With DXY and US yields having bullish price action, and probably some more upside remaining before they test resistance, Gold can continue to sell on rise to test lower ends of support around 1944/1934. Happy Trading!
