From TradingView · · 50s
Gold Analysis for Tuesday
Gold futures target short setup ahead of Fed decision.
In brief
Gold futures target short setup ahead of Fed decision. Gold futures may drop to 4,016 by Tuesday as traders short from 4,058 level. Originally reported by TradingView.
Gold contract performance
December gold settled at 4,038.4 Monday, up 30.5 points.
Price range and low
Traded between 4,044.0 and 3,990.9, with Friday's low at 3,989.1.
Market indicators
Dollar index rose to 101.96, ten-year yield near 4.99 percent.
Technical analysis
Composite indicator shows 88% sell bias, with resistance at 4,128.2.
Key resistance levels
Pivot R1 at 4,058.0, Pivot R2 at 4,077.5, and 4,067.4 stochastic stall.
Short setup strategy
Short December contract from 4,056 to 4,064 band with stop at 4,082.
Target levels
First target at 4,038, second at 4,016, third at 3,994.
In short
Gold futures may drop to 4,016 by Tuesday as traders short from 4,058 level.
