- Short-term ascending trend-lines add support below 23.6% Fibonacci retracement for Gold.
- $1,436.50/37 will validate the strength of the latest pullback.
The yellow metal now runs towards $1,436.50/37 horizontal resistance comprising early-month tops, a break of which can propel the quote towards the recent high of $1,452.70. During the bullion’s sustained rise past-$1,452.80, late-April 2013 high close to $1,490 should be on the bulls’ watch-list.
If prices slip back below 23.6% Fibonacci retracement level of 1,421, near-term support-lines around $1,408 and $1,391 could play their roles to limit the declines.
Given the sellers’ dominance beneath $1,391, $1380/78 should be watched closely as it holds the key to $1,350 rest-point.
Gold 4-hour chart
- R3 1477.39
- R2 1465.05
- R1 1445.35
- PP 1433.01
- S1 1413.31
- S2 1400.97
- S3 1381.27
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.