Gold Analysis: Moves below long-term average

Dukascopy Bank Team Dukascopy Bank SA

Gold

Contrary to expectations, the yellow metal was driven by bearish forces on Thursday. This fall, however, was not significant due to the nearby-located 200-hour SMA and a channel line.

This support cluster was surpassed early today, thus giving bears the opportunity to push the pair down to its distant support set by the 23.60% Fibonacci retracement at 1,335.40.

Technical indicators remain bullish for this session. Being restricted by the 55-, 100– and 200-hour SMAs, Gold might be reluctant to pick up momentum during the following hours, at least.

In case of an upside breakout, the pair should not surpass the monthly R1 at 1,355.00.

Interested in Gold technicals? Check out the key levels

1. R3 1367.6
2. R2 1361.2
3. R1 1353.3
PP 1346.9
1. S1 1339
2. S2 1332.6
3. S3 1324.7

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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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