Price is Trying to Move above Resistance zone , 1300 in sight ??
We have seen strong Bullish move in Gold Today from bottom of ascending channel line despite technically price was trading below Moving averages and had just crossed below Ichimoku cloud towards downside ,
This type of movements suggest that there is sudden surge in demand of yellow metal due to political uncertainities and trade wars , also yields are helping Gold to move up.
Today 10-Year Treasury yields fell again, hovering near 20-month lows, as investors sought safety in bonds. markets are expecting not more than two U.S. rate cuts by december as the yield curve between three-month bills and 10-year notes remained inverted.
Technically GOLD is not yet out of difficult waters , if price manages to move higher then we have resistance of ichimoku cloud in daily chart along with 1293-95 resistance zone , then there is also top of channel , so we are not expecting strong rally for now ,
For now our strategy is to buy on dips with target 1300 till ascending channel is intact .
This type of movements suggest that there is sudden surge in demand of yellow metal due to political uncertainities and trade wars , also yields are helping Gold to move up.
Today 10-Year Treasury yields fell again, hovering near 20-month lows, as investors sought safety in bonds. markets are expecting not more than two U.S. rate cuts by december as the yield curve between three-month bills and 10-year notes remained inverted.
Technically GOLD is not yet out of difficult waters , if price manages to move higher then we have resistance of ichimoku cloud in daily chart along with 1293-95 resistance zone , then there is also top of channel , so we are not expecting strong rally for now ,
For now our strategy is to buy on dips with target 1300 till ascending channel is intact .
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