COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 11/6/2019 - Entered range, wait for more breakout

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Publish date: Tue, 11 Jun 2019, 11:24 AM
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11/6/2019
 
*Gold Aug 19*
 
Previous Close: 1329.3 -16.8
 
Gold tumbled more than 1% after US’s decision not to impose trade tariffs on Mexico spurred risk sentiment and lifted the USD from recent lows.
 
Hourly chart showed gold entered technical correction after RSI bearish divergence. In a sideway now, 1324.7-1352.7, wait for more breakout
 
*Classic Support & Resistance* 
Resistance: 1341.7 1352.7
Support:  1324.7 1314.2
 
*Recommend Trading Plan for the day:* 
1. Sell 1329, stop 1330.3, profit 1327.7/1326.4/1325.1
2. Buy 1334.8 for rebound, stop 1333.5, profit 1336.1/1337.4/1338.7 
 
*Margin Requirement (per lot)* 
USD 3740
Micro: USD 374
 
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