On the daily chart, we can see that gold is again consolidating as traders await new catalysts to push the price into either direction. We are trading right in the middle of the two key trendlines, so there’s not much we can glean from this timeframe. We need to zoom in to see some more details. On the 4 hour chart, we have a key resistance zone around the 4,585 level where the price got rejected from several times. From a risk management perspective, the sellers will have a better risk to reward setup around the resistance and the downward trendline to position for a drop into new lows. The buyers, on the other hand, will need the price to break above the trendline to open the door for a rally into the 4,850 level next. On the 1 hour chart, we have a minor downward trendline defining the current bearish momentum. The sellers will likely continue to lean on the trendline to keep pushing into new lows, while the buyers will look for a break higher to extend the pullback into the 4,490 zone. If the price pulls back into the zone, we can expect the sellers to step in there with a defined risk above it to position for a drop into new lows, while the buyers will look for a break to increase the bullish bets into the 4,585 resistance. The red lines define the for today., we have the US ADP report and the US ISM Services PMI. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US NFP report. This article was written by Giuseppe Dellamotta at investinglive.com.
Hawkish Fed risk continues to weigh on gold as US-Iran stalemate drags on, tensions rise
On the daily chart, we can see that gold is again consolidating as traders await new catalysts to push the price into either direction. We are trading right in the middle of the two key trendlines, so there’s not much we can glean from this timeframe. We need to zoom in to see some more details. On the 4 hour chart, we have a key resistance zone around the 4,585 level where the price got rejected from several times. From a risk management perspective, the sellers will have a better risk to reward setup around the resistance and the downward trendline to position for a drop into new lows. The buyers, on the other hand, will need the price to break above the trendline to open the door for a rally into the 4,850 level next. On the 1 hour chart, we have a minor downward trendline defining the current bearish momentum. The sellers will likely continue to lean on the trendline to keep pushing into new lows, while the buyers will look for a break higher to extend the pullback into the 4,490 zone. If the price pulls back into the zone, we can expect the sellers to step in there with a defined risk above it to position for a drop into new lows, while the buyers will look for a break to increase the bullish bets into the 4,585 resistance. The red lines define the for today. , we have the US ADP report and the US ISM Services PMI. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US NFP report. This article was written by Giuseppe Dellamotta at investinglive.com.
On the daily chart, we can see that gold is again consolidating as traders await new catalysts to push the price into either direction. We are trading right in the middle of the two key trendlines, so there’s not much we can glean from this timeframe. We need to zoom in to see some more details. On the 4 hour chart, we have a key resistance zone around the 4,585 level where the price got rejected from several times. From a risk management perspective, the sellers will have a better risk to reward setup around the resistance and the downward trendline to position for a drop into new lows. The buyers, on the other hand, will need the price to break above the trendline to open the door for a rally into the 4,850 level next. On the 1 hour chart, we have a minor downward trendline defining the current bearish momentum. The sellers will likely continue to lean on the trendline to keep pushing into new lows, while the buyers will look for a break higher to extend the pullback into the 4,490 zone. If the price pulls back into the zone, we can expect the sellers to step in there with a defined risk above it to position for a drop into new lows, while the buyers will look for a break to increase the bullish bets into the 4,585 resistance. The red lines define the for today. , we have the US ADP report and the US ISM Services PMI. Tomorrow, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the US NFP report. This article was written by Giuseppe Dellamotta at investinglive.com.
- On the daily chart, we can see that gold is again consolidating as traders await new catalysts to push the price into either direction.
- We are trading right in the middle of the two key trendlines, so there’s not much we can glean from this timeframe.
- On the 4 hour chart, we have a key resistance zone around the 4,585 level where the price got rejected from several times.
- The buyers, on the other hand, will need the price to break above the trendline to open the door for a rally into the 4,850 level next.
- This article was written by Giuseppe Dellamotta at investinglive.com.
What people are saying
Discussion
Hot takes
Loading takes…
Comments
Discussion · 0
Sign in to comment, like, and save articles.
Sign inLoading comments…
