Gold prices’ downtrend since the early March US-Iran conflict slowed after breaking resistance (1) on May 6. However, the daily chart trend remains weak; gold needs to break the previous high (2) at 5120 to shift to an uptrend. Key resistance above lies at the 100-day moving average (4). The upcoming 48 hours and the US/China summit news may trigger a technical breakout for gold. Trade within the narrow range 4640-4780 (3) before breakout.
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*Investment involves risk. You may use the information, strategies and trading signals on this website for academic and reference purposes at your own discretion. 1uptick cannot and does not guarantee that any current or future buy or sell comments and messages posted on this website/app will be profitable. Past performance is not necessarily indicative of future performance. It is impossible for 1uptick to make such guarantees and users should not make such assumptions. Readers should seek independent professional advice before executing a transaction. 1uptick will not solicit any subscribers or visitors to execute any transactions, and you are responsible for all executed transactions.
