Gold price will return to the resistance zone of 1950
The IGCS gauge shows that about 66% of retail traders are net-long gold. Since most of them are biased to the upside, this hints that prices may continue falling down the road. That said, downside exposure has increased by 6.29% and 14.69% compared to yesterday and last week, respectively. With that in mind, recent changes in exposure hint that prices may reverse higher despite overall positioning
On the daily chart, gold has confirmed a breakout above a near-term falling trendline from May. That has opened the door to resuming the broader uptrend since November. Still, prices were unable to clear the 50-day Simple Moving Average (SMA), which is holding as resistance. Confirming a push above this point may further validate a near-term bullish technical bias. That places the focus on the 23.6% Fibonacci retracement level at 1971.
GOLD
SELL 1960 - 1963 💯💯
✅ TP1: 1956
✅ TP2: 1951
✅ TP3: 1946
🛑 SL: 1970
On the daily chart, gold has confirmed a breakout above a near-term falling trendline from May. That has opened the door to resuming the broader uptrend since November. Still, prices were unable to clear the 50-day Simple Moving Average (SMA), which is holding as resistance. Confirming a push above this point may further validate a near-term bullish technical bias. That places the focus on the 23.6% Fibonacci retracement level at 1971.
GOLD
SELL 1960 - 1963 💯💯 ✅ TP1: 1956
✅ TP2: 1951
✅ TP3: 1946
🛑 SL: 1970
