XAUUSD Technical Overview:
Day Trading Range: $1188.85 - $1207.27
Pivot: $1202
Key Resistance: $1202 - $1205.35 - $1207.89 - $1212.33
Key Support: $1196.28 - $1194.69 - $1191.89 - $1189.21
Technical Indicators:
RSI: Indicator is confusing where to go, moving around 50 level, trend downward (See chart RSI).
MACD: MacD is having negative volume for xauusd.
Moving Avg: SMA55 ($1198.74) strong support & SMA200 ($1199.78) which is CMP (time of writing).
Technical Idea:
Most Likely Scenario: short positions below 1202.00 with targets at 1196.28 & 1192.20 in extension.
Alternative scenario: above 1202.00 look for further upside with 1205.85 & 1208.65 as targets.
Overall Review:
Trade war fears continue to be a major issue as well, which almost certainly looks likely to pick up a bit. We think that the Gold markets will continue to be very range bound, with the $1195 level underneath the be supportive, and the $1215 level above should be resistive. Overall, this is a market that we think should continue to see volatility, but we also recognize that we are more than likely going to move with the US dollar, as we have seen for some time now. we think at this point though, it’s probably easier to short this market at higher levels than anything else, because the move has been extended so rapidly during the day on Monday.
Thanks
YoCryptoManic
Day Trading Range: $1188.85 - $1207.27
Pivot: $1202
Key Resistance: $1202 - $1205.35 - $1207.89 - $1212.33
Key Support: $1196.28 - $1194.69 - $1191.89 - $1189.21
Technical Indicators:
RSI: Indicator is confusing where to go, moving around 50 level, trend downward (See chart RSI).
MACD: MacD is having negative volume for xauusd.
Moving Avg: SMA55 ($1198.74) strong support & SMA200 ($1199.78) which is CMP (time of writing).
Technical Idea:
Most Likely Scenario: short positions below 1202.00 with targets at 1196.28 & 1192.20 in extension.
Alternative scenario: above 1202.00 look for further upside with 1205.85 & 1208.65 as targets.
Overall Review:
Trade war fears continue to be a major issue as well, which almost certainly looks likely to pick up a bit. We think that the Gold markets will continue to be very range bound, with the $1195 level underneath the be supportive, and the $1215 level above should be resistive. Overall, this is a market that we think should continue to see volatility, but we also recognize that we are more than likely going to move with the US dollar, as we have seen for some time now. we think at this point though, it’s probably easier to short this market at higher levels than anything else, because the move has been extended so rapidly during the day on Monday.
Thanks
YoCryptoManic
Trade active:
US Session Technical View:
Most Likely Scenario: short positions below 1200.00 with targets at 1193.10 & 1189.50 in extension.
Alternative scenario: above 1200.00 look for further upside with 1204.45 & 1207.85 as targets.
Most Likely Scenario: short positions below 1200.00 with targets at 1193.10 & 1189.50 in extension.
Alternative scenario: above 1200.00 look for further upside with 1204.45 & 1207.85 as targets.