“¢ The precious metal extended overnight retracement slide from two-week lows and was weighed down by a combination of negative factors – a goodish pickup in the USD demand and fading safe-haven demand. “¢ With short-term technical indicators already seemed losing positive momentum, the fact that it has slipped back below 100-hour SMA, for the first time since last Tuesday, points to a bearish set-up. “¢ A follow-through weakness below 38.2% Fibonacci retracement level of the $1238-$1266 recent recovery move would add credence to the near-term negative outlook. Gold 1-hourly chart Spot Rate: $1256.73 Daily High: $1260.38 Daily Low: $1255.13 Trend: Bearish Resistance R1: $1259 (23.6% Fibo. retracement level) R2: $1266 (overnight swing high) R3: $1273 (an important support break-point) Support S1: $1252 (50% Fibo. retracement level) S2: $1248 (horizontal zone) S3: $1242 (recent daily closing 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. View All Post By FX Street FXStreet News share Read Next 3 things to watch as the trade wars focuses on the European front Yohay Elam 3 years "¢ The precious metal extended overnight retracement slide from two-week lows and was weighed down by a combination of negative factors - a goodish pickup in the USD demand and fading safe-haven demand. "¢ With short-term technical indicators already seemed losing positive momentum, the fact that it has slipped back below 100-hour SMA, for the first time since last Tuesday, points to a bearish set-up. "¢ A follow-through weakness below 38.2% Fibonacci retracement level of the $1238-$1266 recent recovery move would add credence to the near-term negative outlook. Gold 1-hourly chart Spot Rate: $1256.73… Top 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.
