Gold technical analysis: Bulls testing bear commitments at five-year-long resistance


  • The 20&50 4HR EMAs are offering support and the price can move towards 1357.66 as the 2014-2019 resistance line.
  • We are in the running of a five-year-long breakout according to the monthly chart below.
  • The Jan and April highs come in around 1365.
  • However, it must be noted that the price is moving into overbought territory.
  • To the downside, 1320 is guarding 1311 and 1303/06 to open 1297. 
  • 1297 level meets the 50% Fibo retracement of the late April and early May double-bottom swing lows to recent spike high. 
  • The 55-week ma sits at around 1260s and the 200-week ma comes in at 1250s.

 

 

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 rises above 1.1200 amid some USD weakness

EUR/USD is trading above 1.1200, recovering some of the losses. Earlier, ECB officials expressed concern about global growth President Draghi speaks later. Tension is rising toward the Fed decision.

EUR/USD News

GBP/USD falls to the lowest since January

GBP/USD is trading around 1.2550, the lowest since January. Sterling has been under pressure amid growing uncertainty about Brexit and USD strength.

GBP/USD News

USD/JPY remains directionless above mid-108s on Monday

The USD/JPY pair is struggling to make a decisive move in either direction on Monday as the slightly upbeat market sentiment doesn't allow the safe-haven JPY to gather strength.

USD/JPY News

Gold recovers early lost ground, back above $1240 level

Gold recovered a major part of its early slide and moved to the top end of its daily trading range, above the $1340 region post-US data.

Gold News

Gold: Signs of bullish exhaustion ahead of the Fed

Gold's rally seems to have run its course with signs of bullish exhaustion emerging on technical charts ahead of Wednesday's FOMC (Federal Open Market Committee) rate decision.

Read more

Majors

Cryptocurrencies

Signatures