Gold is near it's resistance level of 1990 and testing price level of 1985. Which it failed to break and took and dive and dropped around a 100 pips and right now again going to test resistance level and right now price is at 1978.862. Today is an important day as it's last day of month and as well as last day of week. from previous data gold has a lot of buying pressure but as gold never made a monthly closing above 1990 level so this point is encouraging bears to pull back the price. The other important thing you must watch that Gold is not taking fundamental bull pressure by market and also not giving expected bearish recovery which shows that metal is behaving unstable right not and changes it's direction so frequently. As per our analysis technically gold is trapped into the triangle after a strong bullish relay. so now whichever side of the triangle it broken 1st it will move in that direction. My personal bias is with bears as I think it is testing the resistance and will drop for today even after this great buying pressure. but I will not take any trade unless the price breaks a side of triangle and goes down. or on other hand it breaks upper side and go to test 2010 level. Where I see for today gold is not going anywhere and it must stays within this triangle.
Important Resistance Levels: 1990.06, 2001.66, 2019.08
Important Support Levels: 1960.97, 1943.55, 1931.91
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Important Resistance Levels: 1990.06, 2001.66, 2019.08
Important Support Levels: 1960.97, 1943.55, 1931.91
- I love you hear from you guys write your questions and feedback in the comment section. Thank you.
