The strong US economic data along with the hawkish comments
of the Fed Chair Janet Yellen uplifted the US Dollar index and consequently dragged
Gold prices lower. The precious metal marked today a two-week low at $1216, but found support
exactly at this area where currently is located the 100-day SMA and succeeded
to escape towards $1230 region. As seen on the four-hour time frame during the
past two sessions technical indicators have been placed around mid-lines, but
today are showing signs of slight bullish momentum. Strong resistance is located
at $1248 (50% Fibonacci retracement of latest July to December decline) and
given the fact that bulls couldn't find enough strength to conquer this level we
may consider that the situation is ruled now by the bears. Immediate
horizontal support is seen at $1218 (38.2% Fibonacci retracement of same
decline) and in case of fluctuating again around this level, Gold is poised to
extend the downward slope towards the psychological $1200 mark.
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