Gold prices step back from the multi-month top. Early-month high acts as the immediate support, March 2013 top offers nearby resistance. A downside break of $1,572 will confirm broad bearish formation. Gold prices decline to $1,606 during the early Thursday. The yellow metal surged to the highest since March 2013 the previous day but failed to hold onto gains due to the overbought RSI conditions. As a result, sellers are now awaiting a downside break of $1,600 to aim for the early-month high nearing $1,594. However, 21-day SMA and an upward sloping trend line from December 2019, around $1,577 and $1,572 respectively, will limit the bullion’s further declines. It should be noted that the precious metal’s downside past-$1,572 will confirm a broad bearish rising wedge formation and can trigger a fresh down-leg towards the late-2019 area. On the upside, March 2013 high near $1,617 acts as the immediate resistance ahead of the rising trendline connecting highs marked during September 20119 and January 2020, close to $1630/31. Gold daily chart Trend: Pullback expected 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 PBOC sets Yuan reference rate at 7.0026 FX Street 2 years Gold prices step back from the multi-month top. Early-month high acts as the immediate support, March 2013 top offers nearby resistance. A downside break of $1,572 will confirm broad bearish formation. Gold prices decline to $1,606 during the early Thursday. The yellow metal surged to the highest since March 2013 the previous day but failed to hold onto gains due to the overbought RSI conditions. As a result, sellers are now awaiting a downside break of $1,600 to aim for the early-month high nearing $1,594. However, 21-day SMA and an upward sloping trend line from December 2019, around $1,577 and… 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.
