Gold $1788-93 is such a strong support level so far but If it breaks below this area things will get worse.
Key technical levels to watch this week
Support: $1786/80 and $1770/65
Resistance: $1810/15 and $1825/36
GOLD price retreat back to near 1800. in the short-term, the gold price is supported at 1790, any break below this level will open the doors to $1780 and $1772. On the other flip side, the immediate resistance at 1818, any break over targets 1825/30.
Gold price trading slightly lower ahead of US retail sales report. The metal needs a clear break of the previous session high 1834 to move further upside 1840/45. On the flip side, a breakdown through 1818/15 would negate that bias and suggest a test of the 1810/00 support region.
The metal slightly rebounded after the previous session sell-off. For today, the gold price supported at $1790. On the upper side, the immediate resistance around 1830/32 any break above this level will open 1842.
Gold price faces downside pressure after it failed to hold above 1900.
If the bearish momentum continues the next downside levels to watch today the 1885 and 1878 zone. On the flip side, the immediate resistance at 1900/05.
With less than a few hours left for the release of minutes from the US Federal Reserve’s April policy meeting, the Gold price hovers below the weekly high of $1875.
Read my detailed report here- https://gulfbrokers.com/en/will-fomc-minutes-drive-gold-lower
GOLD price trading near the crucial trend line resistance area 1860. If the price break above 1860 the next upside levels to watch 1875 and 1890. On the flip side, the immediate support at 1843 followed by 1816/00.
Black Swan Event
A Black Swan is an unpredictable event and mostly out of the norm. It usually causes a domino effect (negative) in the market, sometimes even a catastrophe.
In general, a Black Swan event has to fulfil these three conditions:
it happens unintentionally;
it creates a...
In this year, the gold prices have surged more than 35% supported by geopolitical tensions, a weaker US dollar and mounting numbers of coronavirus cases across the globe.
GOLD -80$ down today, currently testing $1940, break below this level the next support at $1920 (previous all-time high)...
Gold price dropped back to below $2000 on Tuesday during the European session, the yellow metal dropped to a fresh weekly low of $1983. On Monday, the gold price started the week on a positive note and climbed to near $2050 but later in the North American session, the price retreated to below...
The gold price hit an all-time high of $2038 on Wednesday during the European session. The recent upside rally supported by a weaker dollar, escalating tensions between the US and China and a large explosion in the Lebanese capital, Beirut. The safe-haven metal surged more than 30% this year...
Gold price at the decision point. Watching $1790 and $1818 for this week. If the price break above $1818, the next level to watch $1830/36. On the other side break below $1790/92 will open doors to $1780/74 followed by $1760.
Gold price climbed above $1,800 an ounce during the European session, the first time since 2011. The overall momentum remained bullish throughout this week as investors turned to safe-haven assets amid a spike in coronavirus cases in several countries across the globe.
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