5.14 Morning Gold Trend Analysis!
Looking back at yesterday, the high was 4726 and the low was 4669. The volatility wasn't too wild! Overall, the trend is in a narrow range consolidation! Short-term resistance is at 4730, while support is between 4650-4670!
From the charting perspective, the hourly candles are moving upwards, gradually climbing from the lower Bollinger Band. However, the momentum isn't very strong! On the news front, with Old Trump visiting China, the upcoming interactions between the U.S. and China are stirring economic trade uncertainties, coupled with the central bank's ongoing gold purchases, which are adding to the safe-haven sentiment for gold!
In terms of trading strategy: look to buy in the 4650-4670 range, targeting 4720-4750.
If the 4750-4730 range faces resistance, then look to short towards 4670-4650.
This is just my personal opinion and not investment advice!
Looking back at yesterday, the high was 4726 and the low was 4669. The volatility wasn't too wild! Overall, the trend is in a narrow range consolidation! Short-term resistance is at 4730, while support is between 4650-4670!
From the charting perspective, the hourly candles are moving upwards, gradually climbing from the lower Bollinger Band. However, the momentum isn't very strong! On the news front, with Old Trump visiting China, the upcoming interactions between the U.S. and China are stirring economic trade uncertainties, coupled with the central bank's ongoing gold purchases, which are adding to the safe-haven sentiment for gold!
In terms of trading strategy: look to buy in the 4650-4670 range, targeting 4720-4750.
If the 4750-4730 range faces resistance, then look to short towards 4670-4650.
This is just my personal opinion and not investment advice!
