Gold Recovery at First Major Hurdle
A two-day rebound in gold takes price into the first major resistance hurdle here at the May high-day close / April high at 2426/31. Looking for possible price inflection off this mark with the immediate rally vulnerable while below.
Initial support back at the June high near 2387 backed by the 61.8% retracement of the June rally at 2366- losses should be limited to this threshold IF price is still heading higher on this stretch (near-term bullish invalidation).
A topside breach / close above this pivot exposes the high-day close at 2458- look for a larger reaction there IF reached with a breach needed to mark uptrend resumption towards 2516.
Core PCE on tap Friday- watch the weekly close.
Michael Boutros
Sr. Technical Strategist
MBForex
Initial support back at the June high near 2387 backed by the 61.8% retracement of the June rally at 2366- losses should be limited to this threshold IF price is still heading higher on this stretch (near-term bullish invalidation).
A topside breach / close above this pivot exposes the high-day close at 2458- look for a larger reaction there IF reached with a breach needed to mark uptrend resumption towards 2516.
Core PCE on tap Friday- watch the weekly close.
Michael Boutros
Sr. Technical Strategist
MBForex
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.