decentshaw

Gold: SELL Tops

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
Gold: After the crash on last Thursdays (US-GDP announcement) , Gold is licking its wounds. However upward trend is broken in short term. Gold is unable to surpass 1960-63 Level comprehensively on Friday and also today so far. This week is crucial as it has US Non Farm Pyroll announcement. US labour market is strong and i am expecting strong results of a resilient economy. With interest rate high every where in the world, We may expect non-yielding yellow metal to face the heat. Traders confidence is back on the US economy after the strong GDP report on Thursday. With this i think Gold will face challenge to its safe heaven status in such environment. My bias is negtive for now. Immediate resistance are 1965-1970 after 1982-1985 which will be my Selling Zone ( Resistance: 100 DMA, FIB, 20-50 SMA 4H). 1951 (20-50 DMA) and 1942 (200 SMA-4H, 100 Daily EMA) will be support areas (Intra day) These will be my TPs. Good Luck! I Wish u a very profitable week.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.