Gold takes
advantage of the weakness in the US Dollar and tries to pull back to the upside
as shown on the daily chart of the precious metal. On the chart we can see that
the 200 day EMA (blue line) was a great support level before the price broke to
the downside. Usually, good support levels could become good resistance levels
or vice versa. Therefore, if the price of gold continues pulling back from the
low at the 1236 level, it may reach the 200 day EMA at the 1268 level. The 200
day EMA may become a resistance or the price of gold may just go back down from
the current levels and break below the 1236 level to try to reach the 1200
zone, which could act as a better support area.
Seems like it will keep pushing lower.
ReplyDeleteIt may start falling again soon.
ReplyDeleteVery helpful assessment.
ReplyDeleteLet's see how it will move further.
ReplyDeleteHelpful article.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteGold continues to gain some positive traction.
ReplyDeleteExcellent information to keep in mind.
ReplyDeleteThanks for such an informative article.
ReplyDelete