Gold is approaching our awaited price target of $2,260.60, which is the 50% Fibonacci retracement of gold’s rise from $1,984.16 to $2,431.44. This means that if the price of gold falls below $2260.60, the price of gold will continue its bearish trend and aim for the next target of $2207.80
On the other hand, we noticed that the trend of gold prices showed a downward trend, which supported the expectation that gold prices would continue to decline and hit more bearish targets. In particular, the 50-period EMA formed continued bearish pressure. Therefore, unless gold rebounds above $2,325.90 and remains above this level, we will continue to predict that gold prices will be in a bearish trend for some time to come.
Gold prices are expected to trade today at the support level of $2,260.00 and the resistance level of $2,305.00.
The expected trend for gold prices today is bearish.
It is recommended to short gold near $2,300
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Trade active:
The price of gold is now above US$2,300 and has not yet exceeded US$2,305. At this time, you can short gold.
Trade active:
U.S. April ISM Manufacturing PMI
Previous value 50.3 Expected 50
Announcement 49.2
Previous value 50.3 Expected 50
Announcement 49.2
Trade active:
Although the data is good for gold, there is pressure from above. A more appropriate trading strategy is to short gold at high prices after gold rises. If gold can rise to the range of 2315-2320 US dollars, short gold
Trade active:
The price of gold did not rise steadily after breaking through the $2,310 level, and is falling back under pressure from above.