Gold consolidates recent strong gains to fresh multi-year tops. Slightly overbought conditions warrant some caution for bulls. Gold now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band near multi-year tops, around the $1720 region. The commodity stalled the momentum near the top end of a two-week-old ascending trend-channel amid slightly overbought conditions on the 4-hourly chart. Meanwhile, technical indicators on the daily chart have also moved closer to the overbought territory and warrant some caution amid a recovery in the global risk sentiment. Hence, it will be prudent to wait for a sustained break through the mentioned hurdle before traders start positioning for any further near-term appreciating move. Any meaningful pullback is likely to find some support near the $1703 region (previous multi-year tops set on March 9), which if broken might prompt some technical selling. Below the said support, the commodity is likely to accelerate the slide further towards testing the $1674-72 region, which coincides with the trend channel support. Gold 4-hourly chart Technical levels to watch 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 AUD/USD struggles to hold above 0.6400, clings to modest daily gains FX Street 2 years Gold consolidates recent strong gains to fresh multi-year tops. Slightly overbought conditions warrant some caution for bulls. Gold now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow trading band near multi-year tops, around the $1720 region. The commodity stalled the momentum near the top end of a two-week-old ascending trend-channel amid slightly overbought conditions on the 4-hourly chart. Meanwhile, technical indicators on the daily chart have also moved closer to the overbought territory and warrant some caution amid a recovery in the global risk sentiment. Hence, it will be prudent to wait for… 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.
