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Key Support: 1720 – 1700
Gold has been trading in a pullback structure since the beginning of March with the highs being at the previous week´s highs around the 1755 level.
Now price has printed 2 new lower lows but still making higher highs. This means price is contracting inside of a wedge.
The upside is capped by the weekly pivot, the 50% retracement of the last leg down and the overall bearish structure. With the DXY (US Dollar Currency Index) rallying and testing the previous week´s highs for a possible breakout, the downside in Gold is where the highest probability setups lands.
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- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus