GOLD, sellers are testing support again!

mario urlic forex gold 04.05.

Strong pressure from the sellers today for the second time and gold reached 1272, the lower/stronger support line after 1275 from the European session. I pointed in this level as support in my Gold analysis from May 02. in wich I have pointed at the strong resistance above the 1300 level as well. Gold started day with fall at first at support at 1275 where the buyers have took over and returnedthe  gold up to 1290 on  ADP data. 30 minutes latter, on the ISM Non- Manufacturing PMI and Factory orders data the sellers took over again and returned the precious metal to support again. Here we are, it will be interesting to see can the buyers hold again!?

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2 comments

  • Hi Mario , can i know how did you figure and found the point in 1257-1262 as a support and depending on what .
    thanks

    Liked by 1 person

    • Hi memo,
      Well, it’s my personal view of the SR levels which I am placing based on the recent moves and developments in the market. Basicaly, I am looking at the market moves similar or same as a ‘big player’ and what would I do if I move the market. It’s not easy to explain, there is huge experience behind me and I try to combine everything I know and present that simply as I can here.

      Like

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