Gold Technical Analysis: There are prospects are for a run down to the 200-D EMA
|- Gold moved in on a critical support area overnight following Powell.
- Gold dropped out of the rising interim channel and the case is building up for a continuation of a southerly trajectory within the descending wedge.
- Bulls can target for a close below the 38.2% Fibo at 1275 and look to 1266.
- Prospects are for a run down to the 200-D EMA and the confluence area of the 50% retracement target of 1250/1253 respectively.
4HR chart
Daily Chart
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.