Gold Technical Analysis - Uniglobe Markets

Gold Technical Analysis

Posted on May 2, 2018 at 07:29 AM

A breach and a rebound in trading below 1333 and a drop to 1316 could take the pair to 1310 levels in the coming days. The price of gold this week will be tied to the strength of the news on US countries. Positive news on the dollar will make gold heading down to 1310 levels.

This is how we looked at gold last week, a look down to 1310 levels, today gold is trading below this level as it touched 1301 levels and was back to rise again to 1310.

All technical and fundamental data confirm that gold will trade down in the coming days, as we expect the pair to reach 1295.00 levels towards 1285.00.

Tomorrow Wednesday, it will be a crucial day in support of the descending trend of gold for the importance of the news to be released which has a direct correlation with gold-linked currencies.

Resistance: 1310 – 1316 – 1326

Support: 1300- 1295-1285

Gold Trend: We see that the direction of gold will be a descending trend targeting the level of 1295.00 than 1285.00 Levels

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