Is it time to buy gold?

4H Chart

Daily Chart

Gold regained above $1900/Oz during yesterday’s trading, reaching as high as $1910 but it failed to sustain these gains during the Asian session today, leading to another leg lower back below $1900/Oz. Such failure to stay above $1900 and to break that $1910 barrier keeps our short-term bearish outlook unchanged. We don't recommend any long positions yet as the technical indicators are still overbought. Therefore, we prefer to wait for further declines over the next few days before thinking about adding new long positions, while we maintain our medium-term long positions that we issued back in April at $1725 and $1715/Oz for now, with a Stop Loss to $1835 for now.

S3	S2	S1	Pivot	R1	R2	R3
1874.73	1889.35	1898.86	1903.97	1913.48	1918.59	1933.21

gold

forex signals

technical analysis

investment

Author: Nour Eldeen Al-Hammoury

More by this author

Similar

27.03.2024 14:49 US500: A further correction towards 5192 before resuming purchases.

Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...

21.03.2024 12:05 US30 Trading Strategy and Key Levels: Where Are the Supply and Demand Zones?

Bearish Scenario: Sell below 39600... Anticipated Bullish Scenario: Intraday buys above 39750... Bullish Scenario after Retracement: Intraday buys above 39150

18.03.2024 12:00 Coinbase and Marathon. Instruments of the Week (18-22 March)

Coinbase (#COIN) saw its revenue rise to $773 million in Q1 2024, marking a 23% increase from the previous quarter and surpassing analyst expectations.

Latest news

03.04.2024 18:19 USD: Powell Speaks on Cutting Interest Rates

Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...

28.03.2024 16:00 WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.