Gold bearish ABC pattern aiming at $1,700 support
Gold (XAU/USD) is building a bull flag chart pattern (orange lines). Price action seems ready to break below the 21 ema zone. The main targets are the -27.2% and -61.8% Fibonacci targets.
The main target of XAU/USD with a bearish break below the 21 ema is the -61.8% Fibonacci. There is also a support zone and previous top (green box) which can stop price action from falling. A break below the support zone, however, would invalidate the uptrend (red circle). In that case, a reversal is taking place that could take the price much deeper. Read more...
Gold prices crashed; be ready to sell a break below 1820
Gold Spot shorts at 1875/78 worked perfectly again. This time we crashed through important support at the November low at 1850/49. Longs stopped below support atthe September low at 1848/47 for a sell signal initially targeting 1835.
Gold Price Analysis: XAU/USD hangs near multi-month lows, around $1830 area
Gold maintained its offered tone through the early European session, albeit has managed to pare a part of the early losses to four-month lows. The precious metal was last seen trading near the $1830 region, down around 0.50% for the day.
The commodity added to the overnight losses and witnessed some follow-through selling for the second consecutive session on Tuesday. The downfall also marked the fifth day of a negative move in the previous six and was sponsored by the prevalent risk-on environment, which tends to undermine demand for the safe-haven gold. Read more...
|Today last price||1812.88|
|Today Daily Change||-23.24|
|Today Daily Change %||-1.27|
|Today daily open||1836.12|
|Previous Daily High||1876.14|
|Previous Daily Low||1831.01|
|Previous Weekly High||1899.14|
|Previous Weekly Low||1852.8|
|Previous Monthly High||1933.3|
|Previous Monthly Low||1860|
|Daily Fibonacci 38.2%||1848.25|
|Daily Fibonacci 61.8%||1858.9|
|Daily Pivot Point S1||1819.37|
|Daily Pivot Point S2||1802.63|
|Daily Pivot Point S3||1774.24|
|Daily Pivot Point R1||1864.5|
|Daily Pivot Point R2||1892.89|
|Daily Pivot Point R3||1909.63|
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