“¢ The commodity extended last week’s rejection slide from $1235 horizontal resistance and remains within striking distance of an important horizontal support. “¢ A convincing break below the mentioned horizontal support would confirm a bearish double-top chart pattern on the 1-hourly chart and pave the way for the additional near-term downfall. “¢ Technical indicators on the said chart hold in bearish territory and hence, a follow-through weakness, possibly back towards YTD lows, remains a distinct possibility. Gold 1-hourly chart Spot rate: $1220 Daily High: $1224 Trend: Bearish Resistance R1: $1224 (current day swing high) R2: $1231 (horizontal zone) R3: $1235 (double-top supply zone) Support S1: $1217-18 (Friday’s swing low) S2: $1212 (YTD low set on July 19) S3: $1205 (July 2017 swing low) 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 Fed: Most likely to keep rates unchanged – Westpac FX Street 5 years "¢ The commodity extended last week's rejection slide from $1235 horizontal resistance and remains within striking distance of an important horizontal support. "¢ A convincing break below the mentioned horizontal support would confirm a bearish double-top chart pattern on the 1-hourly chart and pave the way for the additional near-term downfall. "¢ Technical indicators on the said chart hold in bearish territory and hence, a follow-through weakness, possibly back towards YTD lows, remains a distinct possibility. Gold 1-hourly chart Spot rate: $1220 Daily High: $1224 Trend: Bearish Resistance R1: $1224 (current day swing… 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.
