GOLD 08/08: Gold is looking for support
Golden comment:
The
GOLD
pair trades around a Fibonacci level, the 61.8% retracement of the $1,902.62/$1,987.40 rally. Technical readings in the daily chart indicate that the risk skews to the downside as indicators accelerated their slides within negative levels, reaching fresh one-month lows. At the same time, the pair stands below its 20 and 100 Simple Moving Averages (SMAs), which lack directional strength.
Gold price remains under some selling pressure for the second successive day on Tuesday and drops to a fresh daily low, around the $1,931 area during the Asian session. The
GOLD
, however, manages to hold above a three-and-half-week low touched last Friday.
The
GOLD
pair trades around a Fibonacci level, the 61.8% retracement of the $1,902.62/$1,987.40 rally. Technical readings in the daily chart indicate that the risk skews to the downside as indicators accelerated their slides within negative levels, reaching fresh one-month lows. At the same time, the pair stands below its 20 and 100 Simple Moving Averages (SMAs), which lack directional strength. Gold price remains under some selling pressure for the second successive day on Tuesday and drops to a fresh daily low, around the $1,931 area during the Asian session. The
GOLD
, however, manages to hold above a three-and-half-week low touched last Friday.
Trade ativo:
You can sell gold in small volume to find my entry
Trade ativo:
Everything goes according to plan. Buy Gold at 1924, now 30pip
