Gold sideways waits for important economic data

Jun 18

Gold price cannot break the 2325 resistance level to form a short-term uptrend. Gold retreated to levels near 2310 as the US dollar tried to recover even as US Treasury yields eased again.

The release of US retail sales data on Tuesday, weekly jobless claims on Thursday and a flash purchasing managers' index on Friday could provide clarity. in terms of consumption and economic strength.

In the last two weeks, the wide range that gold is trading at is still 2340 and 2300. The lower levels of 2308 and 2325 are still keeping gold prices stable from yesterday's European session to today. In general, gold still moves sideways until the latest data from the US economy is released.

Support: 2308 - 2300 - 2291 - 2286
Resistance: 2330 - 2340 - 2350

SELL zone 2338-2340 stoploss 2343

BUY zone 2308 - 2306 stoploss 2303

Jun 18

Trade closed: target reached

Hit FULL TP for plan BUY

Jun 18

Note

+ 200 pips

Jun 19

Trade closed: target reached

+ 250 pips

Jun 19

Trade active

Gold price consolidates in a range around $2,330 area, remains below 50-day SMA
Gold price is seen consolidating near the top end of a short-term trading range. Fed rate-cut uncertainty holds back traders from placing fresh directional bets. The USD is undermined by Tuesday’s weaker US Retail Sales and lends support.

Jun 20

Trade active

Jun 21

Note

Gold has hit a two-week high around 2365. Let's update gold's latest strategy.