Gold price is displaying a sideways auction around $1,825.00 in the Asian session. The precious metal has turned sideways after a vertical sell-off and is expected to continue its downside to $1,820.00 as the Federal Open Market Committee (FOMC) minutes are conveying more rates to tame stubborn inflation.
Gold price's weekly chart shows support near the 78.6% Fibonacci retracement level at $1,807. The market is on the backside of the prior bullish trend and on the front side of the bear trend as illustrated above, thus offering a bearish bias to the said and shown support structure.
Support level: 1,811,30 1,797.45
Resistance levels: 1,838.90 1,854,00 1,870.50
Transaction recommendation:
Buy at the price area 1823 1824
Stop Loss: 1820
Take Profit 1: 1830
Take Profit 2: 1835
Take Profit 3: 1840
Sell at 1861 1859
Stop Loss 1863
Take Profit 1: 1854
Take Profit 2: 1847
Take Profit 3: 1840
Note: Always install TP and SL in all transactions
Gold price's weekly chart shows support near the 78.6% Fibonacci retracement level at $1,807. The market is on the backside of the prior bullish trend and on the front side of the bear trend as illustrated above, thus offering a bearish bias to the said and shown support structure.
Support level: 1,811,30 1,797.45
Resistance levels: 1,838.90 1,854,00 1,870.50
Transaction recommendation:
Buy at the price area 1823 1824
Stop Loss: 1820
Take Profit 1: 1830
Take Profit 2: 1835
Take Profit 3: 1840
Sell at 1861 1859
Stop Loss 1863
Take Profit 1: 1854
Take Profit 2: 1847
Take Profit 3: 1840
Note: Always install TP and SL in all transactions
