Gold 06.28.2019 – Key sell zone – resistance got protected

Industry news:

“A softening in the core PCE deflator earlier this year was a big factor in the Fed’s shift to a more accommodative stance. That key measure of inflation rose to 1.6% today and the sequential increase in recent months suggests modestly firmer footing in Q2, though not enough to dissuade the Fed from cutting rates.”

Trading recommendation:

Gold did hit and then rejected of the strong resistance at the price of $1.422, which is sign that sellers are still present and there is not enough buying power for new highs on the Gold.

Red rectangle – Important resistance ($1.423)

Green rectangle- Support 1 ($1.400)

Green rectangle – Support 2 ($1.380)

Gold has been trading sideways in the well defined trading range between the price of $1.423 (resistance) and $1.380 (support). The price is near the resistance and you should watch for potential selling opportunities. Stochastic oscillator is flipping down and that is another good sign that there is potential for more downward movement. As long as the Gold is trading below the $1.437, I would watch for selling opportunities on the rallies.

Sell zone – $1.423

Profit zones – $1.400-$1.380

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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