GOLD - Strategy to buy gold after PMI news, trend reversal
Gold Price run-up justifies the previous week’s upside break of a fortnight-old resistance line, now support around $1,911. Adding strength to the bullish bias about the XAU/USD is Thursday’s Dragonfly Doji candlestick.
Furthermore, the impending bull cross on the Moving Average Convergence and Divergence (MACD) indicator joins an upward-sloping Relative Strength Index (RSI) line, placed at 14, to also favor the Gold buyers.
With this, the Gold Price appears well-set to confront a convergence of the 100-DMA and a downward-sloping resistance line from early June, around $1,945.
However, the XAU/USD’s upside past $1,945 appears bumpy as multiple resistances near $1,985 and the $2,000 psychological magnet will challenge the bullion buyers before giving them control.
On the flip side, the Gold sellers could return to the table on witnessing a downside break of the previous resistance line, close to $1,911. Though, an eight-month-old horizontal support region, close to $1,985-92, appears a tough nut to crack for the XAU/USD bears afterward.
XAUUSD BUY 1919- 1921💯💯
✅ TP1: 1926
✅ TP2: 1932
✅ TP3: 1938
🛑 SL: 1911
Furthermore, the impending bull cross on the Moving Average Convergence and Divergence (MACD) indicator joins an upward-sloping Relative Strength Index (RSI) line, placed at 14, to also favor the Gold buyers.
With this, the Gold Price appears well-set to confront a convergence of the 100-DMA and a downward-sloping resistance line from early June, around $1,945.
However, the XAU/USD’s upside past $1,945 appears bumpy as multiple resistances near $1,985 and the $2,000 psychological magnet will challenge the bullion buyers before giving them control.
On the flip side, the Gold sellers could return to the table on witnessing a downside break of the previous resistance line, close to $1,911. Though, an eight-month-old horizontal support region, close to $1,985-92, appears a tough nut to crack for the XAU/USD bears afterward.
XAUUSD BUY 1919- 1921💯💯
✅ TP1: 1926
✅ TP2: 1932
✅ TP3: 1938
🛑 SL: 1911
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