Gold RSI Suggests More Room for Additional Upside – While the actual bullish break materialized after a classic symmetrical triangle pattern was confirmed on the daily chart last Thursday. The bulls rallied hard to clock a fresh seven-year high at 1751.80 before retracing slightly into the weekly closing on Friday.
gold market news
Gold steady as Investors Eye US Fed’s Powell Speech
Gold prices were little changed on Wednesday, with markets awaiting a speech by Federal Reserve Chairman Jerome Powell for more signals on the US interest rate trajectory after dismal economic data.
Gold Technical Trading Levels – Gold looks to close below $1,700
Gold Technical Trading Levels : The data published by both the IHS Markit and the Institute for Supply Management (ISM) on Friday revealed that the business activity in the US’ manufacturing sector contracted sharply in April.
Gold Technical Price Outlook : Down
Gold Technical Price Outlook : The recent pullback in gold may gather pace in May as the Reserve Bank of Australia (RBA) and Bank of England (BoE) are expected to keep interest rates at a record low, and the wait-and-see approach for monetary policy may dampen the appeal of bullion as governments across the advance economies unveil plans to roll back lockdown laws.
Gold Reverses Gain on Signs U.S. Consumer Sentiment Stabilizing
Gold Prices fell as much as 1.1%, after earlier rising 0.8%. Data Friday showed that while the University of Michigan’s final sentiment index dropped to 71.8, the level was higher than the median projection of 68 in a GSR survey of economists.
Gold Technical Analysis – Gold Prices Rally Ready to Break Out?
Gold Technical Analysis – Gold prices surged higher rising 0.8% and closing at a seven-year high. The next level of target resistance is the April high at $1,747. After that level, gold could rally to $1,927 level. A break of this 2011 level would lift gold into blue sky territory.
Gold Hit My Support Level $1683.48, Now Buy Gold and Silver at CMP, Small Quantity (Call only For Positional Traders) – Neal Bhai Reports
