Having failed to cross the horizontal-line connecting highs marked since mid-April, Gold drops to the lowest in a week as it trades near $1274. Given the bullion’s sustained trading beneath important resistance, coupled with downward sloping 14-bar relative strength index (RSI), prices are likely to extend recent downturn towards next strong supports, like recent lows near $1271. However, 61.8% Fibonacci expansion of the moves from April 15 to 22 around $1268 could question the sellers’ strength then after. Also, quote’s south-run beneath $1268 highlights the importance of an upward sloping trend-line stretched since August 2018, at $1262 now. In a case of pullback, $1276 and a descending resistance-line at $278 may limit immediate advances ahead of shifting buyers’ attention to $1280. If at all $1280 falls short of holding the bulls confined, $1283, $1287 and $1290 are likely following numbers to grab the spotlight. Gold hourly chart Trend: Bearish 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 Brazil inflation leads to increased Bitcoin trading volumes FX Street 4 years Having failed to cross the horizontal-line connecting highs marked since mid-April, Gold drops to the lowest in a week as it trades near $1274. Given the bullion's sustained trading beneath important resistance, coupled with downward sloping 14-bar relative strength index (RSI), prices are likely to extend recent downturn towards next strong supports, like recent lows near $1271. However, 61.8% Fibonacci expansion of the moves from April 15 to 22 around $1268 could question the sellers' strength then after. Also, quote's south-run beneath $1268 highlights the importance of an upward sloping trend-line stretched since August 2018, at $1262 now. In a… 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.
