COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 2/5/2019 - Fed reduce rate cut expectation, gold may continue technical correction

InvestorsDoctor
Publish date: Thu, 02 May 2019, 11:34 AM
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2/5/2019
 
Gold Jun 19
 
Previous Close: 1284.2 -7.1
 
Gold fell lower as USD rebounded after Fed reduced expectations of a rate cut this year and weighed down by positive economic data.
 
Daily chart showed gold below middle line of BB, close below 1268 to trigger more downside.
 
Classic Support & Resistance 
Resistance: 1279.4 1290.9
Support:  1267.9 1257.1
 
Recommend Trading Plan for the day: 
1. Sell 1274, stop 1275.5, profit 1272.5/1271/1269.5
2. Look for technical rebound above 1280
 
Margin Requirement (per lot) 
USD 3740
Micro: USD 374
 
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