Chart of the Week: Gold to be an exciting display of technicals
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- Gold bulls seeking an extension from critical levels of support.
- A break of $1,852 could be game over for the bulls in the meantime.
The gold price has made a significant correction to test the confluence of the 78.6% Fibonacci of the prior daily bullish impulse and the 10-day moving average.
This area of support is also the 24 May range that closed bearishly in a doji indicating a strong area of liquidity and potential support.
As seen, there has already been a strong rejection of the level, and the open of Friday's price action could well hold for the open at the 50% mark of the current daily range:
Intesteringly, the 4-hour chart's price shows signs of a bullish breakout, but the support structure is yet to be retested, which is something to keep an eye out for in the forthcoming sessions.
1,898 aligns with the 4-hour 10 EMA in this regard. Daily support at 1,881 remains critical at this juncture.
On the upside, 1,919.50 comes in as the -272% Fibonacci retracement of the current 61.8% Fibo daily correction.
On the downside, however, there are prospects of a move to test the weekly 38.2% Fibo at 1,852 if support gives out.
- Gold bulls seeking an extension from critical levels of support.
- A break of $1,852 could be game over for the bulls in the meantime.
The gold price has made a significant correction to test the confluence of the 78.6% Fibonacci of the prior daily bullish impulse and the 10-day moving average.
This area of support is also the 24 May range that closed bearishly in a doji indicating a strong area of liquidity and potential support.
As seen, there has already been a strong rejection of the level, and the open of Friday's price action could well hold for the open at the 50% mark of the current daily range:
Intesteringly, the 4-hour chart's price shows signs of a bullish breakout, but the support structure is yet to be retested, which is something to keep an eye out for in the forthcoming sessions.
1,898 aligns with the 4-hour 10 EMA in this regard. Daily support at 1,881 remains critical at this juncture.
On the upside, 1,919.50 comes in as the -272% Fibonacci retracement of the current 61.8% Fibo daily correction.
On the downside, however, there are prospects of a move to test the weekly 38.2% Fibo at 1,852 if support gives out.
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.