Attempted move up struggles to sustain above 200-hour SMA Set-up warrants some caution before placing aggressive bets. Gold edged higher and refreshed daily tops during the early North-American session, albeit remained well within a broader trading range held over the past one week or so. The recent range-bound trading action constituted towards the formation of a rectangle on the 1-hourly chart, suggesting indecision over the commodity’s near-term direction. Given that the precious metal has repeated failed to sustain/build on attempted intraday positive moves beyond 200-hour SMA, the set-up seems tilted in favour of bearish traders. Meanwhile, neutral oscillators on hourly/daily charts haven’t been supportive of any firm near-term direction and warrant some caution before placing aggressive bets. Hence, it will be prudent to wait for a sustained break below the $1476-74 support, below which the fall could get extended towards monthly swing lows – around the $1459 region. On the flip side, a sustained move beyond the trading range resistance, near the $1496-97 region, should pave the way for a move back towards the $1510-12 heavy supply zone. Gold 1-hourly 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 US Dollar Index stays apathetic in the low-97.00s FX Street 3 years Attempted move up struggles to sustain above 200-hour SMA Set-up warrants some caution before placing aggressive bets. Gold edged higher and refreshed daily tops during the early North-American session, albeit remained well within a broader trading range held over the past one week or so. The recent range-bound trading action constituted towards the formation of a rectangle on the 1-hourly chart, suggesting indecision over the commodity's near-term direction. Given that the precious metal has repeated failed to sustain/build on attempted intraday positive moves beyond 200-hour SMA, the set-up seems tilted in favour of bearish traders. Meanwhile, neutral… 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.
