“¢ The precious metal stalled this week’s sharp retracement slide from near one-month tops and showed some resilience near 38.2% Fibo. level of the $1196-$1347 upsurge.
“¢ This is closely followed by 100-day SMA support, around the $1278 region, and should act as a key pivotal point for the commodity’s next leg of a directional move.
“¢ Given the recent weakness below the key $1300 psychological mark, coupled with bearish oscillators on the daily chart point to an extension of the depreciating move.
“¢ However, it would be prudent to wait for a convincing break through the mentioned support (100-DMA) before traders start positioning for any further downfall.
Gold daily chart
-636894650196185692.png)
Share
