Gold holds above $2,300, Fedspeak keeps an eye
Gold prices lost momentum to recover around $2,295 on Monday during the early Asian trading session. Investors will be watching Fedspeak this week, along with the first reading of the US Michigan Consumer Sentiment Index for May on Friday.
From a technical perspective, the daily chart shows sellers rejected upside gains for the second day in a row around $2,326.50, the 23.6% Fibonacci retracement of the 1,996.06 rally. USD/2,431.43 USD. The same chart shows that the 20 Simple Moving Average (SMA) remained flat just above the level in question, while the longer moving averages maintained their upward slope well below the level. current price. Finally, technical indicators held negative with uneven strength, tilting risks to the downside.
The 4-hour chart shows that the pair is currently developing below the bearish 20 and 100 SMAs, despite modest gains above the 200 SMA. Technical indicators have recovered from initial lows but remain below their moving averages and are losing their upward strength, suggesting buyers are not interested at the moment.
🌐GOLD PLAN 06/5
Support: 2305 - 2295- 2284 - 2277 - 2259 - 2240
Resistance: 2335 - 2340 - 2346
Breakout: 2328 - 2275
🔴SELL price range 2335 - 2333 stop 2340
BUY price range 2277 - 2275 stop 2271
Scalping strategies will be applied when the resistance - support areas above have entry signals.
Note: Adequate TP, SL to be safe and win the market‼️
Change information plan will update later
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