Gold: bulls would be looking to post a higher low between $1528 and $1548 [Video]
|Gold
The momentum of the retracement from a multi-year high of $1610 has just stalled in recent sessions. Whilst the market closed lower yesterday, a decent rebound into the close has helped to steady the ship slightly. There is still a negative bias to the move over the past week, with yesterday’s low at $1536 being a lower low to the lower high of $1563. Momentum indicators have unwound, but have begun to steady slightly. This is reflected well through the hourly chart where momentum indicators are now oscillating in ranging configuration and moving averages are broadly neutral too. We continue to see this move as being a near term correction within what is still a positive medium term outlook on gold. The bulls would be looking to post a higher low between the 50% Fibonacci retracement (at $1528) and 38.2% Fib (at $1548). So given the low at $1536 was also an old breakout support, this is an interesting development on gold. A move back above $1563 would be a bullish signal now.
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.