GOLD slight recovery for the long uptrend
Gold prices extended gains near $2,360 on Monday during the first hour of trading in Asia. Rising geopolitical tensions in the Middle East boost safe-haven flows and benefit precious metals.
Gold prices traded positively during the day. The yellow metal kept the bullish trend intact as it held above the key 100-day Exponential Moving Average (EMA) on the daily timeframe.
In the short term, XAU/USD climbed above the descending trend channel that formed in mid-April, with the 14-day Relative Strength Index (RSI) sitting in a bullish zone around 67.50, supporting buyers in current time.
If gold bulls enter the psychological $2,400 mark, the yellow metal could see a rally to all-time highs near $2,432, en route to $2,500. Gold price is trying to break the 2375 level to reach the round port of 2,300 USD.
Support: 2350 - 2340- 2332 - 2327 - 2316
Resistance: 2378 - 2391 -2400 - 2408- 2417
Breakout: Sell 2346 - Buy 2379
SELL zone 2391 - 2393 stop 2396
BUY zone 2330 - 2328 stop 2324
Gold prices traded positively during the day. The yellow metal kept the bullish trend intact as it held above the key 100-day Exponential Moving Average (EMA) on the daily timeframe.
In the short term, XAU/USD climbed above the descending trend channel that formed in mid-April, with the 14-day Relative Strength Index (RSI) sitting in a bullish zone around 67.50, supporting buyers in current time.
If gold bulls enter the psychological $2,400 mark, the yellow metal could see a rally to all-time highs near $2,432, en route to $2,500. Gold price is trying to break the 2375 level to reach the round port of 2,300 USD.
Support: 2350 - 2340- 2332 - 2327 - 2316
Resistance: 2378 - 2391 -2400 - 2408- 2417
Breakout: Sell 2346 - Buy 2379
SELL zone 2391 - 2393 stop 2396
BUY zone 2330 - 2328 stop 2324
Trade active
Trade active:
Gold reached 2343
Comment:
Gold trades around 2338 on a break from 2352 support
Trade active
Comment:
+ 100 pips for plan SELL
Trade closed: target reached:
Hit FULL TP