How to Trade Gold on Monday? – Quick Technical Update!
Gold is very likely to stay bearish below $1,223 to target $1,219 and $1,214. Whereas, gold is likely to go after $1,228 and $1,234 only...
GOLD trades bearish near $1,223 as the dollar retrieved momentum and an improvement in risk sentiment lifted stock markets in Europe, denting bullion’s appeal.
Taking a look on the technical side, gold was trading in the ascending triangle pattern which extended a solid resistance near $1,228 along with a support near $1,225.
Typically, ascending triangle pattern breaks on the upper side, but this time, the pattern is violated on the lower side. You heard me right, gold has violated $1,225 support to trade at $1,223.
Thing is, the market is very likely to stay bearish below $1,223 to target $1,219 and $1,214. Whereas, gold is likely to go after $1,228 and $1,234 only if it manages to hold above $1,223.
Support Resistance
1219.44 1227.57
1215.84 1232.1
1207.71 1240.23
Key Trading Level: 1223.97
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