- Gold edged lower on Thursday but managed to hold above the $1730-25 support area.
- Mixed technical indicators warrant some caution before placing fresh directional bets.
Gold traded with a negative bias through the early North American session, albeit has managed to hold above a horizontal support near the $1730-28 region. Meanwhile, the recent move up has been along a two-month-old upward sloping channel, which supports prospects for a further near-term appreciating move.
The positive outlook is further reinforced by the fact that technical indicators on the daily chart are still holding in the bullish territory. However, oscillators on hourly charts have been losing positive momentum. Driving indicators on hourly/daily charts and warrant some caution before placing any directional bets.
That said, a convincing break below the mentioned support might prompt some aggressive technical selling and turn the commodity vulnerable to accelerate the fall further towards challenging the trend-channel support, currently near the $1700 mark.
On the flip side, any meaningful positive move now seems to confront immediate resistance near the $1755 level. Some follow-through buying now seems to set the stage for a move beyond multi-year tops, near the $1765 region. The yellow metal might then aim to test the top end of the mentioned channel, around the $1775 area.
Gold 4-hourly chart
Technical levels to watch
|Today last price||1735.52|
|Today Daily Change||-13.42|
|Today Daily Change %||-0.77|
|Today daily open||1748.94|
|Previous Daily High||1754.04|
|Previous Daily Low||1742.74|
|Previous Weekly High||1751.8|
|Previous Weekly Low||1690.05|
|Previous Monthly High||1747.82|
|Previous Monthly Low||1568.46|
|Daily Fibonacci 38.2%||1749.72|
|Daily Fibonacci 61.8%||1747.06|
|Daily Pivot Point S1||1743.11|
|Daily Pivot Point S2||1737.27|
|Daily Pivot Point S3||1731.81|
|Daily Pivot Point R1||1754.41|
|Daily Pivot Point R2||1759.87|
|Daily Pivot Point R3||1765.71|
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.