Tuesday, February 20, 2018
Gold close to a support zone
Gold
has pulling back down while the Dollar is gaining ground versus its main
counterparts. The negative correlation between gold and the Dollar has taken
the price of the precious metal very close to its 55 day EMA at the 1319 level.
The price of gold has already bounced to the upside from the 55 day EMA in the
past and this time the zone could also act as resistance. In order for gold to
go back to its bullish trend, the price must break above the high at the 1366
level, otherwise the price may just consolidate between the 55 day EMA and the
1366 level. Below the 55 day EMA, its next support zone could be the area
between the 1300 level and the 200 day EMA at the 1288 level.
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Looks like it will keep pushing lower toward the 55 day EMA.
ReplyDeleteGood point, will keep it in mind.
ReplyDeleteExcellent analysis, thank you!
ReplyDeleteImportant levels to keep in mind!
ReplyDeleteInformative review on current market conditions.
ReplyDelete1300 act as important support.
ReplyDeleteGood assessment!
ReplyDelete