GOLD: The Dominant Downward Momentum?
Hello everyone! Today i want to share some macro analysis with you!
1.
Technical: Gold prices opened today's trading session with a clear upward move, close to testing the previously broken bullish trend line which now turns into a key resistance level at 2615, noting that the EMA50 meets this level adding more strength to it, while the stochastic indicator has clearly lost its positive momentum.
These factors prompt us to suggest continuing the bearish corrective trend in the upcoming trading session, mainly waiting for a test of the 2513 support, noting that a break above 2615 will stop the negative scenario of the downtrend and lead the price back to the main bullish track again.
Expect today's trading range to be between the 2570 support level and the 2605 resistance level.
Trading is dominated by sell order trades!
Strategy: Sell: 2597-2600 TP:2580-75 SL:2608 (SL is set according to personal habits)
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