Gold prices turned lower and fell to
1
,992, hitting a three-day low. In the recovery, climbs back above
2
,000 on a volatile Friday amid a resurgence in the US Dollar.
From a technical perspective, nothing seems to change for gold prices and the short-term bias remains in favor of bullish traders. Therefore, some further strength back to retest all-time highs, around the
2
,070-
2
,075 area, looks like a distinct possibility. On the other hand, any meaningful pullback could find good support near the
2
,020 area ahead of the
2
,014-
2
,013 area. However, the drop is likely to attract new buyers near the psychological
2
,000 mark, which should help limit losses for XAU/USD near the
1
,990 -
1
,980 horizontal support.
Support level: 1990 - 1888 - 1880
Resistance: 2026 - 2034 - 2040
Trading recommendation:
SELL 2027 - 2028
Stop Loss : 2031
Take profit 1: 2020
Take profit 2: 2015
Take profit 3: 2010
BUY 1991-1994
Stop Loss : 1989
Take profit1 : 2000
Take Profit 2: 2005
Take profit 3: 2010
Note: Always install Stoploss and Takeprofit to ensure safety in trading
1
,992, hitting a three-day low. In the recovery, climbs back above
2
,000 on a volatile Friday amid a resurgence in the US Dollar. From a technical perspective, nothing seems to change for gold prices and the short-term bias remains in favor of bullish traders. Therefore, some further strength back to retest all-time highs, around the
2
,070-
2
,075 area, looks like a distinct possibility. On the other hand, any meaningful pullback could find good support near the
2
,020 area ahead of the
2
,014-
2
,013 area. However, the drop is likely to attract new buyers near the psychological
2
,000 mark, which should help limit losses for XAU/USD near the
1
,990 -
1
,980 horizontal support. Support level: 1990 - 1888 - 1880
Resistance: 2026 - 2034 - 2040
Trading recommendation:
SELL 2027 - 2028
Stop Loss : 2031
Take profit 1: 2020
Take profit 2: 2015
Take profit 3: 2010
BUY 1991-1994
Stop Loss : 1989
Take profit1 : 2000
Take Profit 2: 2005
Take profit 3: 2010
Note: Always install Stoploss and Takeprofit to ensure safety in trading
