Gold Analysis: Fails to break resistance and retreats

Dukascopy Bank Team Dukascopy Bank SA

"Gold has been in a state of indecision since July. Each rally has failed at the trendline and each high has been lower than the prior high."

– based on DailyFX

Pair's Outlook
The bullion retreated back to near 1,260 levels on Friday morning, as the metal failed to break through the resistance cluster, which it faced on Thursday. Although, the outlook looked bright for the yellow metal on Thursday morning, the metal failed to break through the weekly R2 and monthly S2 near 1,273. Afterwards, even the 200-day SMA failed to support the bullion, which fell and continued the fall on Friday morning to reach the support provided by the weekly R1 at 1,261.62. However, it is still possible at large that the metal will continue to fall during the rest of the day.
Traders' Sentiment
Traders remain bullish, as 57% of open positions are long. In the meantime, trader set up orders are 55% to buy the metal.

Interested in Gold technicals? Check out the key levels

1. R3 1282.25
2. R2 1278.42
3. R1 1271.86
PP 1268.03
1. S1 1261.47
2. S2 1257.64
3. S3 1251.08

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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