GOLD - Find momentum when ISM data is disappointing
Gold prices rose more than 0.7% on Thursday, bringing the total gain this week so far to around 1.6. This is considered the best week for the yellow metal since early April. A closer look shows that XAU/USD has rallied while the US Dollar and Treasury yields are weakening, which underlines Gold's anti-fiat properties.
Currently Gold is being supported and recovered from the bottom of 1932USD. The price line has stabilized and is trading above the 2 EMAs, showing a short-term uptrend. So the main strategy today is to watch low and buy up. Wait for gold to test the confluence of EMA + Keylevel H1 + fibo zone 0.5 around 1968 to enter an order.
Currently Gold is being supported and recovered from the bottom of 1932USD. The price line has stabilized and is trading above the 2 EMAs, showing a short-term uptrend. So the main strategy today is to watch low and buy up. Wait for gold to test the confluence of EMA + Keylevel H1 + fibo zone 0.5 around 1968 to enter an order.
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