Gold rises as USDX slips, crude oil rises
Gold price drops to retest its earlier low of $1,959 due to recent lack of catalysts and no statement from the Fed before the FOMC shutdown. The US big banks need to hold more capital to tackle the landing crisis, which is impacting the sentiment and Gold price.
The rising geopolitical tensions between Russia and Ukraine and concerns about hostilities between the US and China are creating an adventurous atmosphere. Gold sellers may face a challenge at the horizontal support zone of $1,948, while breaking the clear resistance level of $1,963 can lead to a resistance zone of $1,973-75 marked since May 31.
The possibility of a price drop in the gold price seems limited, despite the short-term pressure.
The rising geopolitical tensions between Russia and Ukraine and concerns about hostilities between the US and China are creating an adventurous atmosphere. Gold sellers may face a challenge at the horizontal support zone of $1,948, while breaking the clear resistance level of $1,963 can lead to a resistance zone of $1,973-75 marked since May 31.
The possibility of a price drop in the gold price seems limited, despite the short-term pressure.
✅Buy order in the $1,949-$1,952 price zone when the support zone is approached.
✖️Stoploss: $1,945.
✅Sell the $1,972-$1,969 range when the price hits the resistance area.
✖️Stoploss: $1,976.
AND ALWAYS REMEMBER WHAT YOU NEED TO DO IS MANAGE RISK. GOOD LUCK !!!