Gold Technical Analysis: The recent positive move might have already run out of the steam
|• The pair stalled its recent positive momentum to two-week tops and started correcting from a resistance marked by a descending trend-line, extending from 10-month tops set in Feb.
• The mentioned resistance coincides with 23.6% Fibonacci retracement level of the Nov. 2018/Feb. 2019 upswing and should now act as a key trigger for short-term bullish traders.
• Meanwhile, oscillators on 4-hourly/daily charts maintained their bullish bias but have been gaining negative momentum on the 1-hourly chart, suggesting additional downfall.
• However, it would be prudent to wait for a sustained break below the key $1300 psychological mark before traders start positioning for any further intraday depreciating move.
• Any meaningful slide might continue to find decent support near 100-day SMA, around the 1285 region and is closely followed by the $1282-80 strong horizontal support.
• The later, along with the mentioned trend-line, constitutes towards the formation of a descending triangle on the daily chart, which if broken would mark a near-term bearish breakdown.
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.