Gold technical analysis: Prior trendline resistance acts as support


  •  So long as the 200-4HR SMA and prior trendline resistance, now acting as support, holds, then the bulls can continue higher with a target of 1310 on the radar once stops are cleared through 1293 (resistance) and 1303/05 territories.
  • However, on a break back into the descending wedge, and if the series of lower daily highs add any weight to the bearish case, a break below the 1280 level opens risk to 1266.


 

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 steady around 1.1160 post-FOMC Minutes

The US Federal Reserve document failed to impress, with the market ignoring the release, overshadowed by the Brexit drama and the more updated statement from Chief Powell last Monday.

EUR/USD News

GBP/USD recovers from 4-month low despite UK’s political uncertainty

Despite growing speculations over the UK PM May’s resignation, GBP/USD pulls itself back from the lowest since mid-January to 1.2665 during the initial Asian session on Thursday.

GBP/USD News

USD/JPY reverses post-FOMC minutes gains to 110.40

The USD/JPY pair runs through fresh offers in early trades and reverses post-FOMC minutes gains to near 110.40, tracking fresh weakness in S&P 500 futures and Treasury yields while the greenback holds steady near 4-week tops across its main competitors.

USD/JPY News

Gold: Yellow Metal under pressure below 1,280.00 resistance

Gold technical analysis: Yellow Metal under pressure below 1,280.00 resistance. The yellow metal is trading below its main SMAs suggesting bearish momentum in the medium term.

Gold News

FOMC Minutes April 30-May 1: Patience reaffirmed

The Federal Reserve governors reaffirmed their “patient” rate policy in their meeting earlier this month noting that the hold would remain “for some time.” 

Read more

Majors

Cryptocurrencies

Signatures