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COMEX Gold Update

Author: InvestorsDoctor   |   Latest post: Fri, 18 Jan 2019, 11:23 AM

 

Daily Futures Commentaries: [Comex Gold] 8/1/2019 - Enter RSI overbought technical correction, trade in range

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8/1/2019

 
*Gold Feb 19*
 
Previous Close: 1289.9 +2.9
 
Gold held steady yesterday in a tight range of around 1290 as recovery in stock market limit its upside.
 
Daily chart formed higher highs & lows in a more to bullish trend but may trigger RSI overbought technical correction in short term. Hourly chart showed gold move in range 38.2-61.8 Fibo retracement level of swing 1300.4-1278.1, wait for more breakout signal.
 
*Classic Support & Resistance* 
Resistance: 1300.4 1313 
Support: 1278.1 1267.5
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 1278-1300, wait for breakout.
 
 *Margin Requirement (per lot)* 
USD 3740
Micro: USD 374
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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