Sunday, 6 December 2020

Gold Technical Analysis: Further Losses On the Horizon

  By Deya Hroob

Gold Weekly Chart;

The price rebounded from the 50-week EMA last week. $1860 is now resistance ( it's 0236 Fibonacci Level ). If Gold turns down from this resistance a revisit to 50-week EMA is expected.

$1727 level will be on the card if we lose this moving average. If the sellers can sink and sustain the price below the 50-week EMA , it will be negative for Gold.

Gold Daily Chart ;

After XAU/USD had broken the support of the descending triangle, it fell sharply and rebounded from $1765 level. Then, it retested the broken level at $1848.30

The moving averages are located just above the resistance structure which makes it a highly selling zone.

Targets for sellers : 200-day EMA , 1764.50 , 1727

In order for bulls to resume the uptrend , they need first to push the price above the moving averages.

Please note that Every investment and trading move involves risk so that use a proper risk management on all your trades.

Trade Wise And Good Luck,

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