COMEX Gold Update

Daily Futures Commentaries: [Comex Gold] 1/10/2019 - Break down from H&S bearish pattern on strong USD

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Publish date: Tue, 01 Oct 2019, 11:36 AM
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1/10/2019
 
*Gold Dec 19*
 
Previous Close: 1472.9 -33.5
 
Gold plunged more than 30 dollars yesterday as dragged down by the soaring USD. 
 
Daily chart hit near 2 month low, triggered head & shoulder bearish chart pattern, close below 1470 to trigger more downside.
 
*Classic Support & Resistance* 
Resistance: 1520 1543
Support:  1442 1411
 
*Recommend Trading Plan for the day:* 
1. Sell 1470.4, stop 1471.7, profit 1469.1/1467.8/1466.5
2. Buy 1481.2, stop 1479.9, profit 1482.5/1483.8/1485.1
 
*Margin Requirement (per lot)* 
USD 4950
Micro: USD 495
 
Disclaimer: For idea sharing only, trade at your own risk
 
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