COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 5/3/2019 - More than 1 month low, bearish but watch out for RSI bullish divergence

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Publish date: Tue, 05 Mar 2019, 11:50 AM
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5/3/2019

 
*Gold Apr 19*
 
Previous Close: 1287.5 -11.7
 
Gold dipped to a more than 5 week low yesterday on optimism about a possible trade deal between the US and China. 
 
Hourly chart showed gold formed lower highs & lows, more to bearish, but be cautious of potential RSI bullish divergence.
 
*Classic Support & Resistance* 
Resistance: 1298.1 1313.4
Support: 1275.3 1257.1
 
*Recommend Trading Plan for the day:* 
1. Buy 1291 for technical rebound, stop 1289.6, profit 1292.4/1293.8/1295.2/1296.6.
2. Sell 1283.7, stop 1285.1, profit 1282.3/1280.9/1279.5/1278.1
 
*Margin Requirement (per lot)* 
USD 3740
Micro: USD 374
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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