May 30, 2018
From past couple of days we can see the tug of war is going on between bulls and bears and and both are trying to show their strength. Well the past 8-10 trading days are completely choppy session which is not indicating any signal. The short term moving averages are overlapping with each other. We are not getting any signal for the time being. The traders and investors are advised to sit aside and wait for the clear breakout on either side. The range is $1308 to $1282 is very strict range and chances are very high that we may see bullish breakout of $1308 level in very short term.
Once we see breakout of $1308 level it will open the way towards $1320 and $1340 level. Intraday to weekly bias remains neutral as long as yellow metal is trading in strict range. US dollar is hovering at 6 month’s high which has limited the gold’s upside potential. $1282 is the immediate support level followed by $1270 whereas $1320 is immediate resistance followed by $1340 level. A bullish crossover on MACD indicator is supporting the bulls and RSI is also favoring the bulls from positive territory.
Yesterday also bulls tried to move up in starting session but at the end of they it moved down and doji candlestick has been formed on the daily chart, today we may face another swing higher and on weekly chart gold is trading in an uptrend channel and making successively higher highs and higher lows, so just wait for the $1308 level breakout.
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