Gold Technical Analysis: Yellow Metal remains capped by 1,280.00 resistance
|Gold daily chart
- Gold broke below 1,280.00 and the 100 and 200 simple moving averages (SMAs) suggesting that a correction down is underway.
Gold 4-hour chart
- The Yellow Metal remains capped below 1,280.00 as it is trading below its main SMAs. All-in-all suggesting a bearish bias also in the medium-term.
- Gold is trading below its main SMAs suggesting a bearish momentum in the short-term.
- A break below 1,270.00 can lead to 1,260.00 level and 1,247.00 support.
- Resistance is at 1,280.00 and 1,290.00 figure.
Additional key levels
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.