Weekly Gold Update
Gold is trying to mitigate the residual orders in the higher level first before heading downwards.
Our pivot level was the zone of 1945. Since the price closed above our Pivot Zone, we can now expect
a mitigated rejection at the zone of 1958-1960.
Traders are suggested to adjust their bias as bullish for now. Investors and traders are spooked by the raging rates worldwide.
They are hedging risks against gold for now. So, the fundamentals also support the rally.
Immediate Support Zone: 1936-38
Immediate Resistance Zone: 1958-1960
If price gets rejected at the Resistance zone, traders can short it for a good rally downwards.
Please manage your risks appropriately. Any market analysis isn't 100% Accurate. Manage your risk and stay safe.
Thank You!
Regards,
FATAN
Our pivot level was the zone of 1945. Since the price closed above our Pivot Zone, we can now expect
a mitigated rejection at the zone of 1958-1960.
Traders are suggested to adjust their bias as bullish for now. Investors and traders are spooked by the raging rates worldwide.
They are hedging risks against gold for now. So, the fundamentals also support the rally.
Immediate Support Zone: 1936-38
Immediate Resistance Zone: 1958-1960
If price gets rejected at the Resistance zone, traders can short it for a good rally downwards.
Please manage your risks appropriately. Any market analysis isn't 100% Accurate. Manage your risk and stay safe.
Thank You!
Regards,
FATAN
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