Market News

Gold Precocious Metal Had a Slight Decrease From 1747 to 1721

 

Comment on Gold on March 29, 2021:

At the end of last week's session, the gold precious metal had a slight decrease from 1747 to 1721 ($ 26) closed the weekly candle with a bearish candle at 1731. With the end of the week and the close still at the price of 1731, the selling force appeared after 2 consecutive weeks of increasing points. Therefore, in my opinion, at the beginning of daily trading, we can buy short and wait for a good price to sell down with this precious metal.

- Considering the daily chart time frame, we can see that the price range from 1721-1745 has maintained for the last 9 trading days, the cumulative amplitude is smaller to wait for a break out of this price range, MA20 on the chart. The daily chart is still a strong support zone for this precious metal, but with the strong increase of the DXY index (measuring the strength of USD), when this week, if the precious metal gold is once again retest the 1720-1725 We will wait and see the new price response considering the people buy status. If 1720 is broken, the downside force will be very strong after many days of accumulation.
- Switching to a shorter time frame than H4 at the intraday resistance zone, consider selling down the precious metal around 1740-1745 and the support zone of the day with the precious metal around 1720.