Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
Gold is nearing key support
2021-06-04 • Updated
In line with our expectations, gold declined sharply during yesterday’s trading, reaching as low as $1860 earlier today during the Asian session. I hope none of you is stuck with any long positions over $1900 as we warned for the past few days that buying Gold above $1900 would be a mistake. In the meantime, the current downside move is still considered as a short-term retracement, which may continue towards $1850 or $1840. The technical indicators are now far away from being overbought and I would like to see some stabilization in the coming days over $1840 before thinking about new long positions, while the US Jobs Report today might be the catalyst for further declines to test that support.
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
1793.82 |
1837.92 |
1854.34 |
1882.02 |
1898.44 |
1926.12 |
1970.22 |
4H Chart
Daily Chart
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...