Gold Price Analysis: Off intraday top, still on bulls’ radar above $1,750
|- Gold prices step back from the highest since November 2012.
- The short-term rising channel, sustained break of two-week-old resistance (now support) and bullish MACD keep buyers hopeful.
- Monthly ascending trend line adds to the support, the year 2012 high lures the bulls.
Gold prices step back from the intraday top, also the highest since October 2012, up 1.06% on a day, while taking rounds to $1,760 amid the early Monday.
Although pull back from the short-term ascending trend channel suggests the return of $1,748, the bullion’s further downside is likely to be capped by a two-week-old support line, at $1,740.
In a case where the bears sneak in around $1,740, the monthly support line, close to $1,706, will be the key to watch.
Meanwhile, an upside break of the said channel’s resistance, at $1,768 now, might not hesitate to channel the year 2012 peak surrounding $1,795/96.
Gold four-hour chart
Trend: Bullish
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.