Gold Recovery at First Major Hurdle
A two-day rebound in gold takes price into the first major resistance hurdle here at the May high-day close / April high at 2426/31. Looking for possible price inflection off this mark with the immediate rally vulnerable while below.
Initial support back at the June high near 2387 backed by the 61.8% retracement of the June rally at 2366- losses should be limited to this threshold IF price is still heading higher on this stretch (near-term bullish invalidation).
A topside breach / close above this pivot exposes the high-day close at 2458- look for a larger reaction there IF reached with a breach needed to mark uptrend resumption towards 2516.
Core PCE on tap Friday- watch the weekly close.
Michael Boutros
Sr. Technical Strategist
MBForex
Initial support back at the June high near 2387 backed by the 61.8% retracement of the June rally at 2366- losses should be limited to this threshold IF price is still heading higher on this stretch (near-term bullish invalidation).
A topside breach / close above this pivot exposes the high-day close at 2458- look for a larger reaction there IF reached with a breach needed to mark uptrend resumption towards 2516.
Core PCE on tap Friday- watch the weekly close.
Michael Boutros
Sr. Technical Strategist
MBForex
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