Gold prices are struggling to maintain their rebound from the previous day's short-term support level, with bids hovering around $1,975 at the start of the day. The precious metal is waiting for new clues to support the latest pause in the US dollar's recent rally to multi-day highs, as revealed in the FOMC meeting minutes.
Breaking the resistance level of $1,985 could challenge gold buyers before reaching the monthly high. Conversely, continuous breaches of the $1,954 support level may push gold prices to their lowest level at around $1,934 before ceding control to the bearish camp.
In that case, the Fibonacci 61.8% retracement level from March to May at around $1,911 could provide a temporary stop for sellers. Overall, gold prices have the potential to rise, but the upside is still limited.
Breaking the resistance level of $1,985 could challenge gold buyers before reaching the monthly high. Conversely, continuous breaches of the $1,954 support level may push gold prices to their lowest level at around $1,934 before ceding control to the bearish camp.
In that case, the Fibonacci 61.8% retracement level from March to May at around $1,911 could provide a temporary stop for sellers. Overall, gold prices have the potential to rise, but the upside is still limited.
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⭐️Strategy update for today's FOMC newsletter
✅Buy order in the $1,934-$1,937 price zone when the support zone is approached.
✖️Stoploss: $1,930.
✅Sell the $1,996-$1,994 range when the price hits the resistance area.
✖️Stoploss: $2,000.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
✅Buy order in the $1,934-$1,937 price zone when the support zone is approached.
✖️Stoploss: $1,930.
✅Sell the $1,996-$1,994 range when the price hits the resistance area.
✖️Stoploss: $2,000.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!
✅Buy order in the $1,975-$1,972 price zone when the support zone is approached.
✖️Stoploss: $1,968.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!