GOLD: Uptrend Momentum Still?
$XAU/USD(XAUUSD.FOREX)$ $Gold - main 2506(GCmain)$ Technical: On the upside, gold prices will aim for 3130 (the upper limit of the four-month long uptrend channel) as it breaks above the psychological short-term resistance at 3100. Once the latter is breached, gold prices will rise to $3200.
The Relative Strength Index (RSI) on the D1 chart has risen above 70, suggesting an overbought condition in the near term. In case of a technical correction in gold, $3060/(the midpoint of the uptrend channel) could be seen as the first support level; if it breaks below this support, sellers will aim for $3000-2990 (static level, the lower limit of the uptrend channel) and $2,980 (the 20-day simple moving average)!
Today's trade is in the 3095-3130 range! Trading stays buy trade orientated!
Strategy: BUY: 3100-3103 TP:3125 SL:3092
(Note: The market will be very volatile on the last trading day of the month, pay attention to risk control!)
Image
Lastly, join us and to find the chance!!
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
