GOLD PLAN 05/29✅Short-term gold suddenly decreased slightly! Gold price has just dropped below 2,360 USD
⚫️On the Asian market on Wednesday, spot gold suddenly decreased rapidly in the short term. Gold prices sometimes dropped below 2,355 USD/ounce.
⚫️Influenced by the "hawkish" comments of Fed officials, the US dollar index continues to recover and is currently trading at around 104.75. A stronger USD is negative for gold.
⚫️The Momentum indicator is flat above 100, while the Relative Strength Index (RSI) is above 49. The 20-period SMA is trading below the long-term moving average, while the 100-period SMA is slightly bullish near $2,360/ounce serves as an important resistance level.
⚫️Latest key support and resistance levels for gold price:
Support: 2347 - 2335 - 2322 - 2316 - 2307
Resistance: 2370 - 2378 - 2384 - 2397
Breakout and retest:
- Demolition and closure on 2361 - 2374
- Break and close below 2345 - 2335 - 2322
🔴SELL price range 2370 - 2472 stoploss 2376 (scalp)
🔴SELL price range 2386 - 2488 stoploss 2392
🟢BUY price range 2324 - 2322 stoploss 2318 (scalping)
🟢BUY price range 2305 - 2307 stoploss 2301
Scalping strategies will be applied when the resistance - support areas above have entry signals.
Note: Full TP, SL to be safe and win the market‼️