Gold Ready to Bounce Off Oversold Levels?
2023.08.17 05:16
lower as predicted to my next target and only support of note this week at 1900/1895 (& holding here all through yesterday). I am betting on a bounce from here in severely oversold conditions.
A break above 1908 is a buy signal for today & should hopefully trigger gains to targets: 1913/15, 1920, perhaps as far as 1926/28. A break above 1932 can target 1938/40.
Longs need stops below 1890. A break below 1890 this week is an important sell signal. If this happens today, the first target is 1870/65 but 1845/40 is not out of the question.
Gold weekly chart:
Gold Weekly Chart
finally hit my target & strong support at 2245/25 as we become oversold, with a low for the day 5 ticks below this week. Again today, longs need stops below 2210. Targets: 2290/95, 2320/30.
A break above 2260 is more positive for today.
September made a high for the day just 7 ticks from my sell level & resistance at 8150/8200.
The break below 8150 on Tuesday was my sell signal & break below 8050 yesterday was the next sell signal targeting 7950/30 (hit yesterday), probably as far as strong support at 7830/00 today. Watch for a low for the day. Longs need stops below 7750.
Minor resistance at 7990/8000. Strong resistance at 8030/50. Shorts need stops above 8080.
