From TradingView · · 1m 10s
Gold Price Action: Wed Setup
Gold targets 4,331 as key resistance zones test Wednesday's move
In brief
Gold targets 4,331 as key resistance zones test Wednesday's move Gold should fall to 4,331 if it holds below 4,360 Originally reported by TradingView.
Gold's Tuesday Close
Gold settled at 4,332.8 after a 56.6 point range between 4,358.3 and 4,301.7
Real Rate Pressure
10-year Treasury yields hit 5 percent, dollar index rose 0.14 percent
Gold's Decline
Gold dropped 133.5 points in five days amid rising real rates
Key Resistance Zones
Gold faces resistance at 4,416.7, 4,401.8, 4,389.2, 4,387.5, and 4,360.1
Support Levels
Gold's support at 4,332.0, 4,330.9, 4,315.2, 4,305.1, and 4,301.7
Primary Setup
Short gold from 4,360 to 4,373 if it holds above 4,360.1
Stop Level
Stop at 4,392 to avoid false breakouts
Targets
First target 4,331, second 4,304, third 4,293
Key Events
Federal Reserve rate decision at 2 PM ET and retail sales at 8:30 AM ET
Market Sensitivity
Gold reacts to real rates, not the rate decision itself
Price Action
Gold has 56.6 points of daily range left after Tuesday's move
The main idea
Gold should fall to 4,331 if it holds below 4,360
