in technical analysis

Gold Technical Analysis

We have posted today’s Gold comment below. In European trade we have seen a hold of our key support level of 1486.9-1487.7, so the trendline is holding firm, suggesting this is a buying opportunity. We now need to see 1500 taken out…

Today’s comment, sent to our clients at 07.30am (UK time):

Gold struggled with $1500 yesterday, pretty much all day, and this psychological barrier is clearly causing some bother as we try and rally off of trend support, a line that moves up to 1486.9 today, not far away from yesterday’s 1487.7 low (set in the European morning session).

So it’s a tug of war in the short term, but a well defined battle, which makes our job pretty easy.

•Scenario 1: Break 1500, see a reaction through 1508.6 to retest 1526.5.

•Scenario 2: Break below 1486.9, gun for 1462.5. We would turn bearish if the latter broke and look for 1416 next.

To view the Report as sent to our clients, including Support and Resistance Levels, Automated Levels, and our unique “SkewBar” please click the thumbnail below:

To request a Free Trial of our Daily Technical Analysis Reports please click here.

Individual traders can have a look on our website on a trial basis by clicking here.