Home Gold Technical Analysis: recovery attempts likely to get sold into
FXStreet News

Gold Technical Analysis: recovery attempts likely to get sold into

   “¢   Reviving safe-haven demand, led by escalating US-China trade tension, eased the bearish pressure and helped bounce off YTD lows.
   “¢   The commodity remains well below short/medium/longer-term moving averages and hence, any meaningful recovery might be seen as an opportunity to initiate fresh bearish positions.  
   “¢   A medium-term ascending trend-line, extending from Jan. 2017 lows through lows touched in July/Dec. 2017, might come into play amid bearish short-term technical indicators.

Gold daily chart

Spot Rate: $1279.73
Daily High: $1282.45
Daily Low: $1277.20
Trend: Bearish

Resistance
R1: $1282-83 zone (previous swing low and current day high)
R2: 1290 (horizontal level)
R3: $1296 (20-day SMA)

Support
S1: $1276 (YTD low set on Friday)
S2: $1268 (ascending trend-line)
S3: $1261 (Oct. 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.