Gold defends the widely-tracked 200-day SMA support. The hourly chart shows a narrowing price range or pennant pattern. Gold is trading largely unchanged on the day near $1,845 per ounce. The sellers failed to establish a foothold below the 200-day Simple Moving Average (SMA) for the second straight trading day on Monday. The average is currently located at $1,838. The yellow metal has carved out a pennant pattern on the hourly chart. A downside break would imply a continuation of the sell-off from $1,940 and open the doors to a re-test of Monday’s low of $1,816. A violation there would expose the psychological level of $1,800. On the other hand, a triangle breakout would validate the seller fatigue signaled by the long tail attached to Monday’s daily candle and allow a bounce to the former support-turned-resistance near $1,870. Hourly chart Trend: Neutral Technical levels 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 Bitcoin Price Analysis: BTC fades bounce off short-term support line below 35,000 FX Street 11 months Gold defends the widely-tracked 200-day SMA support. The hourly chart shows a narrowing price range or pennant pattern. Gold is trading largely unchanged on the day near $1,845 per ounce. The sellers failed to establish a foothold below the 200-day Simple Moving Average (SMA) for the second straight trading day on Monday. The average is currently located at $1,838. The yellow metal has carved out a pennant pattern on the hourly chart. A downside break would imply a continuation of the sell-off from $1,940 and open the doors to a re-test of Monday's low of $1,816. A violation there would… Top 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.
