Gold Recovery at First Major Hurdle
A two-day rebound in gold takes price into the first major resistance hurdle here at the May high-day close / April high at 2426/31. Looking for possible price inflection off this mark with the immediate rally vulnerable while below.
Initial support back at the June high near 2387 backed by the 61.8% retracement of the June rally at 2366- losses should be limited to this threshold IF price is still heading higher on this stretch (near-term bullish invalidation).
A topside breach / close above this pivot exposes the high-day close at 2458- look for a larger reaction there IF reached with a breach needed to mark uptrend resumption towards 2516.
Core PCE on tap Friday- watch the weekly close.
Michael Boutros
Sr. Technical Strategist
MBForex
Initial support back at the June high near 2387 backed by the 61.8% retracement of the June rally at 2366- losses should be limited to this threshold IF price is still heading higher on this stretch (near-term bullish invalidation).
A topside breach / close above this pivot exposes the high-day close at 2458- look for a larger reaction there IF reached with a breach needed to mark uptrend resumption towards 2516.
Core PCE on tap Friday- watch the weekly close.
Michael Boutros
Sr. Technical Strategist
MBForex
免責聲明
這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。