Gold’s Standstill Below $1,229 – Haven Appeal Fades!

Gold is stuck below a triple top level of $1,229 and the market may fall towards $1,224 and $1,222 today. The RSI is trading below 50...


GOLD prices edged slightly higher on Monday but failed to break the significant support level of $1,229. Looks like the investors are trading the risk-on sentiment due to potential earnings reports from names like Amazon, Google parent Alphabet, Boeing and McDonald’s. Consequently, the stock indices are trading bullish while weighing on the precious metal gold.

Technically speaking, gold is stuck below a triple top level of $1,229 and the market may fall towards $1,224 and $1,222 today. The RSI is trading below 50, which is a strong indication of the bearish bias of traders. Most importantly, gold is peaking out of the ascending triangle pattern and it may violate the pattern on the lower side.

Support Resistance
1223 1230.79
1219.15 1234.73
1211.36 1242.52
Key Trading Level: 1226.94

Gold – Trade Plan

Fellas, the idea is to stay bearish below $1,229 to target $1,224 and $1,222 today. Whereas, the buying entry is preferred above $1,220. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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