Gold Technical Analysis: Under pressure beyond short-term key support
- Gold stays on the back foot after declining from the multi-year top.
- 50-bar SMA, a three-week-old rising trend line restrict short-term declines.
- Buyers could wait until the upside break of $1,580.
Gold prices remain under pressure for the second consecutive day while taking rounds to $1,558 during the Asian session on Thursday. The Bullion dropped from the highest since early 2013 on Wednesday.
Considering the bearish signal from 12-bar MACD, prices are likely to remain soft. In doing so, a confluence of 50-bar SMA and an upward sloping trend line since December 20 around $1,542.80/1,543.30 can be the sellers’ first target.
Should prices keep declining below $1,542.80, December 31 high near $1,525 and 61.8% Fibonacci retracement level of December-January upside, at $1,516.80, could gain the Bear’s attention.
Meanwhile, buyers will look for entry beyond Monday’s top surrounding $1,580 to aim for $1,600.
Further, the yellow metal’s rise past-$1,600 could challenge the recent high around $1,612 ahead of rising towards March 2013 top near $1,620.
Gold four-hour chart
Trend: Pullback expected
Reprinted from FXStreet，the copyright all reserved by the original author.
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.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.