COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 8/7/2019 - Sideway to higher, waiting for more breakout

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Publish date: Mon, 08 Jul 2019, 11:04 AM
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8/7/2019
 
*Gold Aug 19*
 
Previous Close: 1401 -19.9
 
Gold slid 2% after data showed US jobs growth rebounded strongly in June, which lowered the likelihood of an interest rate cut by the Federal Reserve this month.
 
Hourly chart showed gold testing rebound from RSI oversold, may enter range 1384-1443.
 
*Classic Support & Resistance* 
Resistance: 1427 1443
Support:  1385 1361
 
*Recommend Trading Plan for the day:* 
1. Buy 1405, stop 1403.7, profit 1406.3/1407.6/1408.9
2. Sell 1395, stop 1396.3, profit 1393.7/1392.4/1391.1
 
*Margin Requirement (per lot)* 
USD 4400
Micro: USD 440
 
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