COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 7/8/2019 - Break new high, bullish but watch out for RSI overbought

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Publish date: Wed, 07 Aug 2019, 12:12 PM
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7/8/2019
 
*Gold Dec 19*
 
Previous Close: 1484.2 +7.7
 
Gold touched above 1500 for the 1st time since Apr 2013 as an intensifying U.S.-China trade war threatened global economic growth.
 
Hourly chart formed higher highs & lows, more to bullish, but watch out as RSI in overbought.
 
*Classic Support & Resistance* 
Resistance: 1520 1550
Support:  1465 1443
 
*Recommend Trading Plan for the day:* 
1. Buy 1502.4, stop 1501.1, profit 1503.7/1505/1506.3
2. Sell 1495 for correction, stop 1496.3, profit 1493.7/1492.4/1491.1
 
*Margin Requirement (per lot)* 
USD 4400
Micro: USD 440
 
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