Gold Oscillates at Highs after Surging

FastBull Featured

Summary:

Today's oscillation range should be $2392 - $2425, and it is better to buy low and sell high.

SELL XAUUSD

EXP

TRADING

2425.00

Entry Price

2350.00

2450.00

4349.06 +30.95 +0.72%

0.0

Pips

Flat

2350.00

Exit Price

2425.00

Entry Price

2450.00

Fundamentals

During Monday's (July 15th) Asian session, spot gold oscillated slightly, and it is now trading at $2410.

After the release of the key CPI data, gold surged to $2425 before plunging to $2391. Then it rebounded again to $2418 on Friday, closing at $2410 in the daily chart after consolidations. Clearly, gold formed an oscillating pattern at highs despite an upward trend, with the resistance at the double-top level.

We should pay attention to the following points regarding the gold price this week. Firstly, gold is under a bullish trend, so we should easily sell it. The resistance at $2418, $2425 and $2450 is valid. Secondly, gold is expected to oscillate at the beginning of the week, so we should not blindly go long even with a bullish view because it may plunge during oscillations. Thirdly, with oscillations, gold is likely to decline. The support could be at $2392, $2375 and $2350, and $2350 will be the key level to determine a strong or a weak trend.

Technical Analysis

Technically, gold is strong in the daily chart. The price is always above SMAs, and SMAs are forming a clear uptrend. How the price closes in the first days of the week will be essential. If gold keeps rising in the daily chart, a significant upside space above will be opened. However, if it depreciates continuously and drops below the SMAs support, a large downside space will be opened as well.

At present, the 5-day SMA is sticking to the 10-day SMA and gold has closed lower. Thus, there is a need for oscillating lower later, and the support stays near $2392. As gold opened lower this morning, it won't rise much later but may keep fluctuating. The resistance will be $2425, and the support should be $2400 and $2392. Investors can buy low and sell high between these key levels.

Gold Oscillates at Highs after Surging_1

Trading Recommendations

Trading direction: Sell

Entry price: 2425

Target price: 2350

Stop loss: 2450

Support: 2400.000/2350.000

Resistance: 2425.000/2450.000

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

Risk Disclosure

The risk of loss in trading financial instruments such as stocks, FX, commodities, futures, bonds, ETFs and crypto can be substantial. You may sustain a total loss of the funds that you deposit with your broker. Therefore, you should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.

No decision to invest should be made without thoroughly conducting due diligence by yourself or consulting with your financial advisors. Our web content might not suit you since we don't know your financial conditions and investment needs. Our financial information might have latency or contain inaccuracy, so you should be fully responsible for any of your trading and investment decisions. The company will not be responsible for your capital loss.

Without getting permission from the website, you are not allowed to copy the website's graphics, texts, or trademarks. Intellectual property rights in the content or data incorporated into this website belong to its providers and exchange merchants.

Recent Searches

Top Searches

Markets

Analysis

User

24/7

Economic Calendar

Education

Data