Gold Technical Analysis: bounces off descending trend-channel support

   •  Near-term oversold conditions prompt some short-covering move amid a modest USD retracement and from a short-term descending trend-channel support on the 1-hourly chart.

   •  Technical indicators on the said chart hold in negative territory and hence, a move towards 50-hour SMA immediate hurdle might still be looked upon as a selling opportunity.

   •  Any subsequent up-move is likely to remain capped at an important confluence region, comprising of the trend-channel resistance and 100-hour SMA.

Gold 1-hourly chart

Spot Rate: $1252.62
Daily Low: $1248.39
Daily High: $1254.13 
Trend: Bearish with possibilities of a corrective bounce 

R1:  $1256 (50-period SMA H1)
R2:  $1261 (top-end of the descending trend-channel)
R3:  $1278 (overnight swing high)

S1:  $1248 (current day swing low)
S2:  $1244 (50% Fib. level of the $1123-$1366 rally)
S3:  $1242 (Dec. 2017 daily closing 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

GBP/USD off 7-month highs, still firmer as Tories hold the lead

GBP/USD retraces from the new seven-month highs of 1.3180 but remains strongly bid, as weekend polls have reaffirmed a solid lead for PM Johnson's Conservatives. Cable dropped on Friday amid upbeat US data.


EUR/USD steadying above 1.1050 amid upbeat German export data

EUR/USD is trading above 1.1050, attempting a recovery after Germany reported an increase in exports in October. EUR/USD dropped sharply on Friday amid upbeat US Non-Farm Payrolls and weak German industrial output. 


Cryptos: Market ready to launch, not knowing who will lead it

The market hesitates between Bitcoin and Ethereum to lead the next bullish run. Ethereum will suffer heavy losses if not in command. Bullish clarity may call for terminal motivation bearish jerks.

Read more

Gold bulls hold in there on geopolitical and trade risks, despite robust USD

Gold prices were under pressure at the start of the week as the US dollar seeks correction of the latest slide following a very healthy headline accumulative number in US jobs creation which included strong revisions.

Gold News

USD/JPY: Bears losing their grip as market attempts to bottom

USD/JPY is trading on the bid in the US session following a rise from 108.42 the low to a high of 108.66.