Gold ended slightly up after dropping Friday as a dollar rally coupled with losses in crude oil and commodities prompted investors to sell ahead of the weekend.
Gold is posting a down week at 22545 from last weeks close at 22596. The metal posted a high at 22722 from our bounce off 21920, but was not able to maintain gains. The 23150 record high remains our short term target, with measured move objective at 23400.
If Gold moves lower next week, it will trigger short term stops at 22425 (last week’s low) with bigger liquidation below 22380 (prior weeks low). We remain bullish gold while 22400 holds.
Now technically market is trading in the range as RSI for 18days is currently indicating 53.44, where as 50DMA is at 22436.12 and gold is trading above the same and getting support at 22504 and below could see a test of 22463 level, And resistance is now likely to be seen at 22573, a move above could see prices testing 22601.
Trading Ideas:
Gold trading range is 22463-22601.
Gold ended slightly up after dropping Friday as dollar rally coupled with losses in commodities prompted selling
Gold looks to take support at 22426 and resistance at 22640.
Spdr gold trust holdings fell by 10.61 tonnes to 1200.96
