Gold d1 trade idea
Gold price remains on track to take out the critical 100-Daily Moving Average (DMA) at $1,954, as the bullish 14-day Relative Strength Index (RSI) justifies the renewed upside.
A firm break above the latter will put the static resistance at $1,970 under risk. The next relevant barrier is seen at the July 27 high of $1,982.
On the downside, Gold buyers will aim for Friday’s low of $1,934 as the initial support area, below which the 50 DMA support of $1,931 will be challenged.
A sustained move below the latter will open up a fresh downswing toward the $1,916 level, where the 21 and 200 DMAs coincide.
Gold buy 1945
Target 1950
Target 1954
Target 1970
Sl 1935
A firm break above the latter will put the static resistance at $1,970 under risk. The next relevant barrier is seen at the July 27 high of $1,982.
On the downside, Gold buyers will aim for Friday’s low of $1,934 as the initial support area, below which the 50 DMA support of $1,931 will be challenged.
A sustained move below the latter will open up a fresh downswing toward the $1,916 level, where the 21 and 200 DMAs coincide.
Gold buy 1945
Target 1950
Target 1954
Target 1970
Sl 1935
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