Gold under Buying pressure

hace 5 días

Technical analysis: As expected, the #2,648.80 - #2,652.80 Support zone held and that gave Gold a strong boost back above both the #2,657.80 and #2,662.80 Resistance zone. Last few times Support zone practiced strong durability, Gold was on a strong uptrend on the aftermath. The Daily chart’s structure is now entirely green and the next Technical Target is the #2,672.80 local peak and Medium-term Resistance zone. This strength for Gold is maintained despite last week's correction on DX and the indecision on Bond Yields, showcasing that this is an both Technically and Fundamentally backed up Bullish stance for Gold.


My position: I am waiting for clear #2,662.80 Resistance break to re-Buy Gold towards #2,672.80 - #2,682.80 Resistance zone. Expect full reports from tomorrow's session.