Gold is reporting gains in Asia and is flirting with the 50-hour moving average (MA) hurdle. The major MAs indicate the gains will likely be short-lived. Oversold conditions have likely put a bid under gold in Asia, consequently, the yellow metal is flashing green. At press time, gold is flirting with the 50-hour moving average (MA) hurdle of $1,244, having clocked a 2018 low of $1,236 on Friday. The hard currency has dropped 9.45 percent in the last three months on increased prospects of faster Fed tightening and breached a long-term ascending trendline support on Friday. Further, the intraday charts remain biased toward the bears as the 100-hour MA is located below the 200-hour MA. So, corrective rallies could be short-lived. On the data front, China’s Q2 GDP today will be closely watched for evidence of a slowdown due to trade tensions. Also scheduled for release are monthly retail sales, industrial production figures. A weaker-than-expected GDP reading could add to the bullish tone around the safe haven yellow metal. Gold Technical Levels Resistance: $1,244 (50-hour MA), $1,248 (100-hour MA), $1,252 (200-hour MA). Support: $1,239 (support on the hourly chart), $1,236 (Friday’s low), $1,234 (50-month MA). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/JPY remains immediately bid – Commerzbank FX Street 5 years Gold is reporting gains in Asia and is flirting with the 50-hour moving average (MA) hurdle. The major MAs indicate the gains will likely be short-lived. Oversold conditions have likely put a bid under gold in Asia, consequently, the yellow metal is flashing green. At press time, gold is flirting with the 50-hour moving average (MA) hurdle of $1,244, having clocked a 2018 low of $1,236 on Friday. The hard currency has dropped 9.45 percent in the last three months on increased prospects of faster Fed tightening and breached a long-term ascending trendline support on Friday. Further, the intraday charts… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
