Why it's not the time for gold

Read the article on FBS website

Gold H4 chart

Picture7.png

Gold Daily chart

Picture8.png

Gold managed to break above $1900/Oz during yesterday’s trading reaching as high as $1913/Oz. However, it failed to sustain these gains and declined back at the end of the US session, closing the day below the $1900 handle. The technical indicators are heavily overbought, which suggests a possible downside retracement in the coming hours/days. Therefore, do not chase the current rally with long positions at the current level. Instead, I would wait for a couple of days, as the downside retracement might continue toward $1850/Oz which could be seen next week. Yet, we will maintain our medium-term long positions issued back in April at $1710 and $1725 until further notice.

S3 S2 S1 Pivot R1 R2 R3

1856.11

1878.09

1887.38

1900.07

1909.36

1922.05

1944.03

Nour Eldeen Al-Hammoury

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.