“¢ The precious metal stalled its recent decline and managed to stage a modest recovery from support marked by 50% Fibo. level of the $1196.40-$1346.85 strong up-move. “¢ Slightly oversold conditions on the 4-hourly chart prompted some short-covering amid resurfacing global growth concerns following today’s sluggish Euro-zone PMI prints. “¢ However, given that the commodity has already confirmed a near-term bearish break through a descending triangle, the current bounce might still be seen as a selling opportunity. “¢ Hence, the recovery seems more likely to confront some fresh supply and fizzle out near the triangle support break-point, now turned resistance – around the $1281-82 region. “¢ Any subsequent up-move seems more likely to remain capped near the $1289 confluence barrier – comprising of 100-day SMA and 38.2% Fibonacci retracement level. Gold daily chart 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 USD/CHF inches closer to 2019 highs above 1.0100 ahead of US data FX Street 4 years "¢ The precious metal stalled its recent decline and managed to stage a modest recovery from support marked by 50% Fibo. level of the $1196.40-$1346.85 strong up-move. "¢ Slightly oversold conditions on the 4-hourly chart prompted some short-covering amid resurfacing global growth concerns following today's sluggish Euro-zone PMI prints. "¢ However, given that the commodity has already confirmed a near-term bearish break through a descending triangle, the current bounce might still be seen as a selling opportunity. "¢ Hence, the recovery seems more likely to confront some fresh supply and fizzle… 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.
