GOLD (June 6) Gains as USDX slips, crude oil rallies
Gold Price falls as it accepts bids to retest its intraday low of $1,959, reversing the opening week gains due to limited recent catalysts and no statement from the Fed before the FOMC shutdown.
US big banks must hold more capital to combat the landing crisis, which is impacting the sentiment and Gold price. Renewed concerns about hostilities between the US and China, along with rising geopolitical tensions between Russia and Ukraine, have increased the adventurous atmosphere.
There has been a horizontal support zone around $1,948 for a week that could challenge gold sellers. However, breaking the clear resistance level of $1,963 could lead to a resistance zone of $1,973-75 marked since May 31. Overall, the price of gold may still face short-term pressure, but the possibility of a price drop seems limited.
US big banks must hold more capital to combat the landing crisis, which is impacting the sentiment and Gold price. Renewed concerns about hostilities between the US and China, along with rising geopolitical tensions between Russia and Ukraine, have increased the adventurous atmosphere.
There has been a horizontal support zone around $1,948 for a week that could challenge gold sellers. However, breaking the clear resistance level of $1,963 could lead to a resistance zone of $1,973-75 marked since May 31. Overall, the price of gold may still face short-term pressure, but the possibility of a price drop seems limited.
Gold bottomed at 1938USD and started to move up, short term today we have the points 1965 - 1975 - 1980.
⭐️Make a trading plan:
✅Buy order in the $1,949-$1,952 price zone when the support zone is approached.
✖️Stoploss: $1,945.
✅Sell the $1,972-$1,969 range when the price hits the resistance area.
✖️Stoploss: $1,976.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!