Gold at $2392: What Next..$2403-$2411 or $2370-$2360..?
Yesterday's breakout to and subsequent rejection from $2403 was phenomenal as the metal dropped to $2370 before speculative buyers stepped in triggering a consolidated uplift to take Gold back up to $2392 today.
On the higher side, 4 hourly 50 EMA sits at $2395 acting as initial resistance which if cleared, bullish rebound may reach $2400-$2403 where bears may reposition their shorts for better Risk-Reward in anticipation of downward shift in momentum.
Break below $2386 will add initial weakness for retesting yesterday's low of $2370 aligned with 50 Day EMA below which $2328 is next major support as 100 Day SMA
On the higher side, 4 hourly 50 EMA sits at $2395 acting as initial resistance which if cleared, bullish rebound may reach $2400-$2403 where bears may reposition their shorts for better Risk-Reward in anticipation of downward shift in momentum.
Break below $2386 will add initial weakness for retesting yesterday's low of $2370 aligned with 50 Day EMA below which $2328 is next major support as 100 Day SMA
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