GOLD (May 31) rebound as Treasury yields, DXY fall
Gold prices continued to adjust from the previous day's support level, reaching $1,960 in Asian trading. This reflects market uncertainty ahead of important data/events as speculators sell off. The DXY decreased to near its daily low of 104.00, maintaining a decrease from its 10-week high from the previous day. This indicates that the US 10-year bond yield remains pressured at its one-week low of around 3.68%, lower than the recent high of 4.45% after a 12-day upward trend.
Gold prices are recovering from their declining support level since November and have broken through a three-week resistance level, now serving as immediate support. The metal seems to have limited room for growth, with the convergence of the EMA 34 and EMA 89 at around $1,995 as the primary short-term resistance level.
The price of gold could reach its highest point in April, around $2,050, with an all-time high of nearly $2,080. A $2,000 filter could boost gold prices. There are support levels at $1,942 and $1,937 that could limit short-term price drops. If the $1,937 support level is broken, the price of gold could go down to $1,900.
Gold prices are recovering from their declining support level since November and have broken through a three-week resistance level, now serving as immediate support. The metal seems to have limited room for growth, with the convergence of the EMA 34 and EMA 89 at around $1,995 as the primary short-term resistance level.
The price of gold could reach its highest point in April, around $2,050, with an all-time high of nearly $2,080. A $2,000 filter could boost gold prices. There are support levels at $1,942 and $1,937 that could limit short-term price drops. If the $1,937 support level is broken, the price of gold could go down to $1,900.
Comment:
🟢Success strategy !!!
✅Buy order in the $1,951-$1,949 price zone when the support zone is approached.
✖️Stoploss: $1,945.
✅Sell the $1,968-$1,970 range when the price hits the resistance area.
✖️Stoploss: $1,976.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!