Gold Price Analysis: $1,200 is a magnet
|- Gold is gyrating the $1,200 mark since August 28.
- Friday's bull breakout failed, putting the yellow metal bears back into the driver's seat. However, the metal has rebounded from $1,195 to $1,200 in Asia.
- Last month's long-tailed candle indicates the 5-month losing streak has likely run out of steam. So, a corrective rally is more likely in the short-run.
Hourly chart
Spot Rate: $1,200
Daily High: $1,201
Daily Low: $1,195
Trend: Neutral to bullish
Resistance
R1: $1,204 (100-hour moving average)
R2: $1,209 (Aug. 31 high resistance on the hourly chart)
R3: $1,214.30 (Aug. 28 high)
Support
S1: $1,195 (Sep. 3 low)
S2: $1,187 (50% Fib R of $1,160/$1,214.30)
S3: $1183.28 (Aug. 24 low)
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.