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In the early American session, gold is trading below the strong resistance of 1,796 and above the SMA of 21 according to daily charts. We also notice that Gold is strongly bullish.
The 1,796 level is the key because on previous occasions gold has tried to break it without any results. In practice, in daily sessions there have been 6 occasions, which shows that a break and consolidation above this level couldhave a strong upward movement up to 6 / 8 of murray located at 1,812.
On the contrary, we expect a technical bounce in the SAM of 21 or in the uptrend channel that will be a good opportunity to buy with 1,849 targets in the short term.
Gold is being supported by optimism in stocks and the decline in the dollar. Silver is also on a strong bullish trend and copper is developing a stunning rally.
Our recommendation is to buy gold only if it breaks above 1,796, with targets in 18,12, (6/8) and 1,849. There is the 200 SMA, which is expected to act as strong resistance.
Support And Resistance Levels For May 06 - 08, 2021
Resistance (1) 1799
Resistance (2) 1812
Resistance (3) 1821
Support (1) 1792
Support (2) 1787
Support (3) 1775
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Trading tip for GOLD for May 06 - 08, 2021
Buy above 1,796 (Strong resistance) with take profit at 1,812 (6/8 of murray), and 1,849 (EMA 200) stop loss below 1,790.
Buy if rebound 1,770 (SMA 21) with take profit at 1,796 and 1,812 (6/8 of murray), stop loss below 1,762.
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