Gold prices remained pressured on Thursday for the second straight day despite a weaker US economy. The reason may be related to the market rushing into the US Dollar amid concerns about the expiration of the US debt ceiling and the collapse of the banking system. The news becomes even more important and negatively impacts risk appetite as the US Treasury has signaled the possibility that the Federal Government could default on its debt as soon as June 1 unless the debt ceiling is raised. Gold prices confirmed the pennant break on Thursday, indicating a bearish bias in the metal. The metal's downtrend break also justifies the upbeat signals from the Moving Averages Convergence and Divergence (MACD) indicator, as well as the steady Relative Strength Index (RSI) line, is set at 14. GOLD
SELL GOLD zone 2020 - 2023
Stoploss: 2027 Take profit 1: 2015 Take profit 2: 2010 Take profit 3: 2005
BUY GOLD zone 2005 - 2000
Stoploss: 1995 Take profit 1: 2015 Take profit 2: 2030 Take profit 3: 2040
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