After seeing a big sell-off Monday the past week, Gold was mostly in a range play crisscrossing its previous accelerated trend-line from February 28. This as geopolitical tensions in the middle east has come-off with Iran’s decision not to retaliate directly against Israel. That said a looming ground attack by Israel on Rafa in southern Gaza could spark increased activity by Iranian proxies in Lebanon and Yemen providing a lift for the yellow metal.
Resistance
- 2373.63 – Intraday Consolidation Floor
- 2352.58 – Friday’s High
- 2341.14 – Intraday Consolidation Resistance
Support
- 2312.92 – Intraday Consolidation Floor
- 2291.49 – Previous Week’s Low
- 2265.98 – Daily High/Low
Gold prices for now are mostly a question of geopolitics with the daily candlesticks clearly suggesting an indecisive market. Absent any fresh catalyst we would suggest playing this indecision by looking to buy when seeing long tails intraday as you approach 2312.92 with stops under 2291.49. We can also consider selling with long wicks from the 2352.58 price point, tight stops above the entry.
