Gold Testing Double Bottom Support – What Happens When It Breaks Below?
Gold trades under pressure as the dollar strengthened after China’s central bank raised its domestic policy to support the economy, amid anxieties that an escalating trade dispute with the United States could harm growth. Besides that, a better than expected US unemployment report is also underpinning the Greenback.
The technical side of the market remains neutral as the precious metal continues to trade above the double bottom support level of $1,195. The moving averages are suggesting a bearish trend in gold, while the RSI is stuck in the oversold zone. It signifies that bulls are looming around the corner and we may see bulls entering the market now.
Support Resistance
1198.15 1206.75
1193.41 1210.62
1184.81 1219.23
Key Trading Level: 1202.02
XAU/USD – Trade Plan
The idea is to stay bullish above $1,195 with a stop below $1,192 to target $1,202 today. Whereas, I will be looking for the sell positions below $1,202. Good luck!
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