Where Did You Gold? - XAU/USD clings to 200-HMA inside one-week-old triangle

Verified Official
· Reading 101
  • Gold eases inside a choppy range around the key moving average.
  • Normal RSI conditions also tame directional moves between $1,725-38.
  • 61.8% Fibonacci retracement, monthly high act as extra filters beyond the triangle.

Gold prices refrain from breaking the less than $5 intraday range, bouncing off lows to around $1,735 by the press time of early Thursday. In doing so the yellow metal stays bear near 200-HMA while funneling down the one-week-old symmetrical triangle.

Not only the triangle formation and rigid moves inside the key moving average, but RSI conditions also challenge the momentum traders.

Hence, the bullion moves are likely to pick-up pace only if breaking the $1,725 support or $1,738 resistance. Also acting as additional challenges to the precious metal traders are the 61.8% Fibonacci retracement of March 12-18 upside and the monthly peak, respectively around $1,720 and $1,755.

It should, however, be noted that the commodity’s failures to keep the early March recovery moves and the US dollar strength suggest brighter days for the bears.

Overall, gold prices are stuck in a small range and need a decisive push for clear direction.

Gold hourly chart

Trend: Sideways

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

If you like, reward to support.


No older comments, be the first to grab the sofa.

CFD markets involves substantial risk and there is always the potential for loss. Past performance is not indicative of future results. You understand and agree that there are risks associated with the use of online trading services ( COPYTRADE、FOLLOWTRADE、FOLLOWGUARD ), including uncontrollable factors such as hardware breakdown, software fault, or Internet disconnections. FOLLOWME does not held any responsibility for the communication failures, miss-transmissions or delays that occur during online trading.

appstore-download goole-download