“¢ After breaking the December lows support, near the $1240-38 region, the precious metal continued with its steep decline and touched a fresh one-year low on Thursday. “¢ The ongoing USD upsurge wrecked everything across the board and was seen as one of the key factors smashing dollar-denominated commodities, including gold. “¢ The bearish pressure now seems to have abated around $1212 level, with further support beneath seen at July 2017 low level of $1204.85 ahead of the $1200 handle. “¢ Meanwhile, highly oversold conditions on hourly/daily/weekly charts warrant some near-term consolidation or a modest short-covering bounce. Gold daily chart Spot rate: $1217.59 Daily High: $1228.54 Daily Low: $1211.46 Trend: prospects for a minor bounce Resistance R1: $1222 (horizontal zone) R2: $1225 (50-period SMA H1) R3: $1229 (overnight swing high) Support S1: $1211 (one-year low set earlier today) S2: $1205 (July 2017 swing low) S3: $1200 (round figure mark) 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 Crude Oil WTI Technical Analysis: Black Gold blasting higher to $70.00 a barrel FX Street 5 years "¢ After breaking the December lows support, near the $1240-38 region, the precious metal continued with its steep decline and touched a fresh one-year low on Thursday. "¢ The ongoing USD upsurge wrecked everything across the board and was seen as one of the key factors smashing dollar-denominated commodities, including gold. "¢ The bearish pressure now seems to have abated around $1212 level, with further support beneath seen at July 2017 low level of $1204.85 ahead of the $1200 handle. "¢ Meanwhile, highly oversold conditions on hourly/daily/weekly charts warrant some… 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.
