Xauusd Bulls Keep Eyes On $1,858 So Long As 200 Dma Guards The Downside

Xauusd Bulls Keep Eyes On $1,858 So Long As 200 Dma Guards The Downside

  • Trade Ideas
  • Commodities
  • 2022, 17 June

Brief:

Gold price recaptured the critical horizontal 200-Daily Moving Average (DMA) at $1,842 on a daily closing basis on Thursday. In the view of us, XAUUSD could retest $1,858

Below the 200 DMA next support aligns at $1,829, then $1,816

“Bears are back this Friday, challenging the bullish commitments at the resistance now turned support at the 200 DMA at $1,842. If the latter caves in, then a drop towards the previous day’s low of $1,816 cannot be ruled out. Ahead of that the June 1 low of $1,829 could be tested.”

“So long as the 200 DMA support holds, bulls keep their sight on the weekly highs of $1,858 but the $1,850 level needs to be scaled on a sustained basis before.”

Suggestion:

Buy above 1836 for 1858 and 1868

Else

Sell below 1836 for 1825 and 1815

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