Slobodan Drvenica
Windsor Brokers
Spot Gold is trading within narrow range on Monday, supported by 10SMA at $1251, but with limited upside action, holding below strong 200SMA barrier at $1257.
Last Friday’s spike to fresh five-month high at $1270 was short-lived, as subsequent pullback brought the price back to $1250 zone, where it found footstep.
Friday’s strong upside rejection that formed daily candle with long upper shadow, weighs on near-term action, as the price failed to close above 200SMA for the fourth consecutive time.
Near-term studies weakened and see risk of deeper pullback on loss of 10SMA handle, as the price is losing momentum on daily chart.
Gold price may extend pullback from $1270 peak towards next strong support at $1243 (Fibo 38.2% of $1197/$1270 rally / rising 20SMA) before broader bulls re-assert.
200SMA is key and eventual close above it would generate stronger bullish signal.
Res: 1255; 1257; 1263; 1270
Sup: 1251; 1249; 1243; 1239
Interested in GOLD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD flat lines above 0.6500 ahead of RBA Meeting Minutes
The AUD/USD pair trades flat near 0.6505 amid the consolidation of the US Dollar (USD) during the early Asian session on Tuesday. Investors will monitor the Reserve Bank of Australia (RBA) Meeting Minutes, which is due later on Tuesday.
EUR/USD: The extension and duration of the rebound remain to be seen
EUR/USD regained further balance and trespassed the key 1.0600 hurdle to clock three-day highs following extra weakness in the Greenback and some loss of momentum around the Trump rally.
Gold hits $2,600 on falling US yields, geopolitical woes
After suffering large losses in the previous week, Gold gathers recovery momentum and trades in positive territory above $2,600 on Monday. In the absence of high-tier data releases, escalating geopolitical tensions help XAU/USD hold its ground.
Ethereum Price Forecast: ETH risks decline to $2,258 as exchange reserves continue uptrend
Ethereum (ETH) is up 1% on Monday after ETH ETFs hit a record $515.5 million inflows last week. However, rising exchange reserves and realized losses could trigger bearish pressure for the top altcoin.
The week ahead: Powell stumps the US stock rally as Bitcoin surges, as we wait Nvidia earnings, UK CPI
The mood music is shifting for the Trump trade. Stocks fell sharply at the end of last week, led by big tech. The S&P 500 was down by more than 2% last week, its weakest performance in 2 months, while the Nasdaq was lower by 3%. The market has now given back half of the post-Trump election win gains.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.