Weekly and Daily Upward Momentum losing steam
Gold is in a long term Uptrend Bias. However, for 3 consecutive weeks, XAUUSD is creating Lower Highs and Lower Lows. June 5, 2020 is crucial in terms of closing [also NFP news] as it may set the tone for the next week.
For now, Gold is a Sell on NEAREST Lower Resistance [Short] and Buy on previous LOWER Support [Long] as the best trading strategy. Watch out for the break of the Lower Bollinger Band on the Daily Chart because once broken, the downward momentum [pull-back] within the Long Term Uptrend will accelerate. I will also watch closely if 1690 and 1700 level will become Resistance instead of Support in the coming Hours and Days.
For me, I will use the 5 SMA Daily as dynamic Resistance - if prices remains to be below this average.
Also, 50 SMA Daily is acting as Dynamic Support for its Medium-Term Uptrend. Once broken, I will be looking at 200 SMA Daily as Dynamic Support for the Long-Term Uptrend Bias.
For now, Gold is a Sell on NEAREST Lower Resistance [Short] and Buy on previous LOWER Support [Long] as the best trading strategy. Watch out for the break of the Lower Bollinger Band on the Daily Chart because once broken, the downward momentum [pull-back] within the Long Term Uptrend will accelerate. I will also watch closely if 1690 and 1700 level will become Resistance instead of Support in the coming Hours and Days.
For me, I will use the 5 SMA Daily as dynamic Resistance - if prices remains to be below this average.
Also, 50 SMA Daily is acting as Dynamic Support for its Medium-Term Uptrend. Once broken, I will be looking at 200 SMA Daily as Dynamic Support for the Long-Term Uptrend Bias.
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