Gold witnessed a modest intraday pullback from weekly tops. The downside remains cushioned near 200-hourSMA/23.6% Fibo. The set-up support prospects for the emergence of dip-buying. Gold seesawed between tepid gains/minor losses and remained confined in a narrow trading band – just below weekly tops – through the early North-American session. The precious metal continued facing some resistance near the $1652 horizontal zone, which should now act as a key pivotal point for the next leg of a directional move. Meanwhile, the intraday pullback found some support near a confluence region comprising of 200-hour SMA and 23.6% Fibonacci of the $1563-$1653 latest positive move. Weakness below the mentioned support could accelerate the slide towards another confluence support – comprising of 100/50-hour SMAs and a short-term ascending trend-line. Meanwhile, technical indicators on hourly/daily charts have been easing from higher levels but held in the bullish territory, supporting prospects for the emergence of some dip-buying. Hence, any meaningful pullback might still be seen as a buying opportunity and should help limit the downside amid concerns over the impact of the coronavirus outbreak on the global economy. Gold 1-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 Poland: NBP on hold – TDS FX Street 2 years Gold witnessed a modest intraday pullback from weekly tops. The downside remains cushioned near 200-hourSMA/23.6% Fibo. The set-up support prospects for the emergence of dip-buying. Gold seesawed between tepid gains/minor losses and remained confined in a narrow trading band – just below weekly tops – through the early North-American session. The precious metal continued facing some resistance near the $1652 horizontal zone, which should now act as a key pivotal point for the next leg of a directional move. Meanwhile, the intraday pullback found some support near a confluence region comprising of 200-hour SMA and 23.6% Fibonacci of the $1563-$1653… 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.
