Gold's potential short-term resistance

Russell Shor, CFTe, MFTA FXCM

The above chart shows hourly price action. Key resistance may potentially be at the confluence of factors including the R1 pivot level, price congestion resistance (green rectangle) and the 76.4% Fibonacci retracement level. The stochastic needs to move to more seller friendly levels (green ellipse). A pullback in XAUUSD may provide a “sell the rally in a downtrend” opportunity.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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