XAUUSD - Geopolitical risks extend in Mid-East
https://www.cnbc.com/2024/05/12/israel-pushes-deeper-into-rafah-and-battles-a-regrouping-hamas-in-northern-gaza.html
The rising geopolitical tensions in the Middle East boost safe-haven flows and benefit precious metals.
On Friday, Gold edged higher as the market expect FED to cut rate sooner due to the weakening in the Labour Market. However, hawkish FED and stronger Dollar is still weight on GOLD Price
Technical Analysis
Price action last Friday brought Gold prices above SMA 20, and continued to stabilize on Monday morning
On 4H chart, Support at 2356 has been broken, creating resistance at this important Key Level.
More to the downside, Fibonacci level of the lastest Upward Swing at 2343 (50% Retracement) and 2334 (61.8 % Retracement Level) also Key level for Gold
Trading Plan
Buy Limit 2334 Stoploss 2325 TP 2380
The rising geopolitical tensions in the Middle East boost safe-haven flows and benefit precious metals.
On Friday, Gold edged higher as the market expect FED to cut rate sooner due to the weakening in the Labour Market. However, hawkish FED and stronger Dollar is still weight on GOLD Price
Technical Analysis
Price action last Friday brought Gold prices above SMA 20, and continued to stabilize on Monday morning
More to the downside, Fibonacci level of the lastest Upward Swing at 2343 (50% Retracement) and 2334 (61.8 % Retracement Level) also Key level for Gold
Trading Plan
Buy Limit 2334 Stoploss 2325 TP 2380
