Denis Joeli Fatiaki
Independent Analyst
XAU/USD: Gold prices fell below its 500 EMA; support is at 1217.80
What is going on with XAU/USD?
XAU/USD: Gold prices have fallen into negative territory in today's session after sliding below its 500 EMA and 1221.70 support. Gold prices are currently looking for support at 1217.80. The pair could head back up to 1220.25 and 1221.70 if it maintains above 12217.80 support. Gold prices could fall further down to 1216.45 and 1215.00 if it fails to hold above 1217.80
Support/Short- 1217.80, 1216.45, 1215.00, and 1212.75
Resistance/ Long Target - 1220.25, 1221.70, 1223.90, and 1224.55
Chart 1: The short-term view of the XAU/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the XAU/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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