Gold current price on 12/Fab/2024 = $2024
| Strong Resistance Zones | Strong Support Zones |
| 1st Gold Resistance Area = 2035 – 2039 2nd Gold Resistance Area = 2043 – 2045 3rd Gold Resistance Area = 2054 – 2058 | 1st Gold Support Area = 2022 – 2019 2nd Gold Support Area = 2016 – 2013 3rd Gold Support Area = 2010 – 2008 |
Explanation
Gold XAUUSD has a 2 month rising trend line from the 13th December offering support at 2020/2017 & we saw a low for the day & the week. However with very little volatility, we did not get much of a bounce as we wait for US Core Inflation Rate on Tuesday. Further gains today can target 2030, perhaps as far as minor resistance at 2035.
On a retest of the support which is a little higher today at 2022/2019, we need stops below 2016.
A break lower however can target 2003/2000.
There is a horizontal 1 month trend line resistance at 2063/67. Shorts need stops above 2071.
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