Gold reversed strongly, watch for break of major support
Gold tested our major resistance and reversed perfectly from 1361 (ABC Fibonacci extension, horizontal swing high resistance) pushing price all the way down to our 1344 support (Fibonacci retracement, horizontal pullback support) as expected before bouncing up. This remains the key support to be broken before potentially another drop to 1325 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 99% where a corresponding reaction has occurred. Next major support is at 49% which needs to be broken to trigger a bigger bearish drop.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is seeing major resistance at 99% where a corresponding reaction has occurred. Next major support is at 49% which needs to be broken to trigger a bigger bearish drop.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results