30 May Thursday View
30 May Thursday View
Ascending trend line is perfectly holding the price and has reached pretty close to the multiple time tested but denied 33700 (USD 1397.66) level. 33387 (USD 1384.68) level seems to be holding as a support for now as the 150 SMA also is right at the level, it's amazing to see this view. If the price breaks and holds 33700 level, that would be a great achievement. But on the other hand considering a note published earlier this week ' Bearish speculators wanting to profit from a fall in gold prices may be inclined to wait for a rally to week's high of 34100 (USD 1414.25) level before adding to their record holdings of short future contracts', so, we've got to take this level in notice and see price action around this level. If this level denies and pushes prices downwards breaking support levels, it should be considered that Bears are still in the play. Let's see.
Trade Happy, Trade Safe
:)
Ascending trend line is perfectly holding the price and has reached pretty close to the multiple time tested but denied 33700 (USD 1397.66) level. 33387 (USD 1384.68) level seems to be holding as a support for now as the 150 SMA also is right at the level, it's amazing to see this view. If the price breaks and holds 33700 level, that would be a great achievement. But on the other hand considering a note published earlier this week ' Bearish speculators wanting to profit from a fall in gold prices may be inclined to wait for a rally to week's high of 34100 (USD 1414.25) level before adding to their record holdings of short future contracts', so, we've got to take this level in notice and see price action around this level. If this level denies and pushes prices downwards breaking support levels, it should be considered that Bears are still in the play. Let's see.
Trade Happy, Trade Safe
:)
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