Gold technical analysis: Gold bears in control, headed for a test of the 20-DMA
|
- Gold support has given way to a move back into the symmetrical triangle.
- The 20-day moving average is now a key target on the downside.
Gold had been bumping along the symmetrical triangle's prior resistance following a breakout through the 1450 level which was followed by a fade back to the symmetrical triangle. Should price hold below 1420/25, bears will then look for a run below the 1400 psychological level. The 23.6% Fibo of the latest swing lows and highs are located at 1398. The $1,373/76 zone comes into play thereafter which meets the 19th June spike correction lows and the 38.2% Fibo of the same swing ranges.
Directly below the price in this move, we can see that the 20 daily moving average is located at 1413, this too is a key level to the downside as will the 50 and 100-days moving averages.
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.