Gold Technical Analysis: Bears take the lead and drive the Yellow Metal to $1,183.00 support


  • Gold bears are at work resuming the main bear trend.
  • Gold is currently testing $1,182.90 (August 24 low) as the RSI, MACD and Stochastics indicators are weakening, suggesting that further losses below the level can be around the corner. A sustained break below 1,182.90 would open the door for 1,172.82 (current 2018 low) and 1,145.20 (March, 1 2017 low). 
  • However, a bull breakout above 1,204.10 (August 3 swing low, key level) would likely invalidate the current bearish momentum

Gold 4-hour chart

Spot rate:                   1,182.91
Relative change:       -0.95%
High:                          1,198.63
Low:                           1,181.72

Main trend:                         Bearish 

Resistance 1:            1,189.49 September 4 low
Resistance 2:            1,194.30 March 10, 2017 low
Resistance 3:            1,204.10, August 3 swing low (key level)
Resistance 4:            1,211.17 July 19 low 
Resistance 5:            1,214.30 August 28 high
Resistance 6:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 7:            1,225.90 July 17 low
Resistance 8:            1,237.60 July 3 swing low

Support 1:            1,182.90 August 24 low
Support 2:            1,172.82 current 2018 low
Support 3:            1,145.20 March, 1 2017 low

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD turns down as Trump touts trade hopes, after Lagarde's debut

EUR/USD is trading below 1.1130 after President Trump tweeted that the US is getting close to deal with China. Earlier, the ECB left rates unchanged and President Lagarde acknowledged the recent upturn.

EUR/USD News

GBP/USD retreats further from nine-month highs, nears 1.3100

GBP/USD has extended its decline amid renewed EUR demand within ECB’s monetary policy announcement. UK elections weigh as polls show a further narrowing in Conservatives’ advantage.

GBP/USD News

Federal Reserve leaves rates unchanged, is undecided about the future

The Federal Reserve kept interest rates steady and the governors indicated that they expected little change in the economy or Fed policy for the next year.

Read more

Gold soars with ECB, retakes 1,480.00

The bright metal hit a fresh weekly high at 1,483 as dismal US data and ECB’s monetary policy announcement added pressure on a vulnerable dollar. Spot gold at critical Fibonacci resistance.

Gold News

USD/JPY: Greenback jumps to four-day highs as trade tension ease

USD/JPY broke above the 109.00 handle as Trump is upbeat on the trade deal. Resistance is seen at the 109.26 and 109.43 price levels.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures