fxs_header_sponsor_anchor

News

Gold Technical Analysis: Traders await a convincing break through near-term trading range

   •  The commodity remains confined within a broader trading range, held over the past week or so, and hangs near YTD lows set early this month.

   •  The near-term range play constitutes towards the formation of a rectangular chart pattern on the 1-hourly chart, indicating consolidation phase before the next leg of directional move. 

   •  Short-term technical indicators on the daily chart are still holding in negative territory and thus, increase prospects for a bearish breakdown.

   •  However, it would be prudent to wait for a convincing breakthrough the trading range support, near the $1206 area, before positioning for any further near-term depreciating move. 

Gold 1-hourly chart

Spot Rate: $1208
Daily High: $1213.88
Daily Low: $1207.25
Trend: Bearish below $1206

Resistance
R1: $1214 (current day swing high)
R2: $1217 (one-week old trading range hurdle)
R3: $1228 (July 31 swing high)

Support
S1: $1205 (17-month low set on August 3)
S2: $1200 (psychological round figure mark)
S3: $1195 (March 2017 swing low)
 

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.