fxs_header_sponsor_anchor

News

Gold technical analysis: Thursday's bearish outside day makes today's close pivotal

  • Gold created a bearish outside day on Thursday, an early warning of bearish reversal.
  • Acceptance below Thursday's low of $1,520 is needed to confirm the trend change.

Gold is currently trading at $1,526 per Oz, having hit a low of $1,522 earlier today.

The yellow metal hit a high and low of $1,550 and $1,520, respectively, on Thursday and ended the day with 0.77% losses, engulfing the price action seen in the preceding two trading days.

Essentially, Gold created a bearish outside day candle on Thursday, which is widely considered a sign of bullish-to-bearish trend change.

The trend reversal, however, would be confirmed if prices find acceptance below Thursday's low of $1,520. So, today's close is pivotal.

A break below $1,520, if confirmed, would open the doors to $1,492 (Aug. 22 low) and $1,480 (Aug. 13 low).

Daily chart

Trend: Bearish below $1,520

Pivot points

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.