Gold has continues to test major resistance at 1332 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance). An ascending support line continues to push price against this major resistance causing it to squeeze. A major move in either direction tends to happen in such situations. If price breaks below our ascending support line, this could trigger a strong drop towards 1294 before 1272 (38.2% and 61.8% Fibonacci retracements correspondingly).
Stochastic (55,5,3) is seeing major resistance below 99% where a reversal could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is seeing major resistance below 99% where a reversal could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results