Market Overview

Get LONG Gold $1596 with a tight stop below $1589.0

Get LONG Gold $1596 with a tight stop below $1589.0


Gold GCM3 waiting for an indication:

Gold stayed nearly unchanged Sunday night heading into Monday, hovering just below the 1600 level. Gold held a higher low than Thursday's session after the long weekend but with Europe closed for the Easter Holiday the market has stayed trading in an inside day. Chinese PMI data last night was seen better than the previous month and is looked at as encouraging to commodity prices. Resistance remains at 1600-02 and a close above there and new session highs will be slightly encouraging. Truly a close back towards the 1612-14.5 level is needed to show bullish signs. A close against new lows of the session and below major support at 1590.4 will be seen as very bearish signaling a new leg down.


Resistance - 1600-02**, 1607.5*, 1612-14.5**, 1618.3-20.6***, 1626.4*, 1631.2*, 1645.2***, 1655-57*, 1671.5***
Support - 1590.4***, 1583.8***, 1577.2*, 1571*, 1562.5*, 1556.4*

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas


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