The short-term technical view on gold favors the bears, who continue to lurk above $1950 despite the dollar decline. Improving US-China also ties to limit the upside attempts in gold, FXStreet’s Dhwani Mehta reports. Key quotes “In the absence of relevant US economic news, gold prices will continue to take cues from the broad market sentiment and US-China updates.” “The price trades below all the major hourly Simple Moving Averages (HMA) while the hourly RSI trades flat just below the midline in the bearish territory.” “The bulls need to take out the stiff resistance around the $1945/50 region for a sustained move to the upside. Friday’s high at $1962.30 will be next on the buyers’ radar.” “To the downside, an hourly closing below the critical $1929 support, the convergence of the falling trendline and intraday low, will revive last week’s bearish momentum. The further downside will then open up towards the $1907 support, with the next cushion seen at $1900.” 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 Gold Price Analysis: Recovery mode intact while above $1931 solid support- Confluence Detector FX Street 2 years The short-term technical view on gold favors the bears, who continue to lurk above $1950 despite the dollar decline. Improving US-China also ties to limit the upside attempts in gold, FXStreet’s Dhwani Mehta reports. Key quotes “In the absence of relevant US economic news, gold prices will continue to take cues from the broad market sentiment and US-China updates.” “The price trades below all the major hourly Simple Moving Averages (HMA) while the hourly RSI trades flat just below the midline in the bearish territory.” “The bulls need to take out the stiff resistance around the $1945/50 region for a… 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.
