Gold Selling Strategy for PMI news, gold price will decreas
Gold Price closed on a positive note the last week, despite posting a three-week losing streak.
That said, a clear rebound from the five-week-old bearish channel’s support joined the upside break of a fortnight-old descending resistance line, now immediate support around $1,913, to tease the short-term XAU/USD bulls.
Adding strength to the recovery hopes are the bullish signals from the Moving Average Convergence and Divergence (MACD) and upbeat conditions of the Relative Strength Index (RSI) line, placed at 14.
Furthermore, a clearance of the 50-SMA adds strength to the upside bias about the Gold Price.
However, the 200-SMA and the stated channel’s top line, respectively near $1,948 and $1,954, hold the key to the dominance of the Gold buyers.
On the contrary, a downside break of $1,913 will again challenge the $1,900 key support, comprising the aforementioned channel’s bottom line.
Also acting as the downside filter is the latest bottom surrounding $1,890, a break of which could quickly drag the XAU/USD price towards the early March swing high near $1,858.
GOLD SELL 1925- 1928💯💯
✅ TP1: 1918
✅ TP2: 1910
✅ TP3: 1902
🛑 SL: 1935
That said, a clear rebound from the five-week-old bearish channel’s support joined the upside break of a fortnight-old descending resistance line, now immediate support around $1,913, to tease the short-term XAU/USD bulls.
Adding strength to the recovery hopes are the bullish signals from the Moving Average Convergence and Divergence (MACD) and upbeat conditions of the Relative Strength Index (RSI) line, placed at 14.
Furthermore, a clearance of the 50-SMA adds strength to the upside bias about the Gold Price.
However, the 200-SMA and the stated channel’s top line, respectively near $1,948 and $1,954, hold the key to the dominance of the Gold buyers.
On the contrary, a downside break of $1,913 will again challenge the $1,900 key support, comprising the aforementioned channel’s bottom line.
Also acting as the downside filter is the latest bottom surrounding $1,890, a break of which could quickly drag the XAU/USD price towards the early March swing high near $1,858.
GOLD SELL 1925- 1928💯💯
✅ TP1: 1918
✅ TP2: 1910
✅ TP3: 1902
🛑 SL: 1935
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Running +30Pips ✅
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Running +60Pips ✅
