Gold technical analysis 34

Financial and commodity markets analytics

The gold price made a solid attempt to remain above $1,358 mark in the last 3 trading sessions but each time there was a sharp rejection which looks like for the time being the rally may be taking a breather.

We saw a similar rejection at the same price in the beginning of September last year and was followed by a sharp reversal which saw the price plummet well below $1,300.

This is unlikely to happen this time around as the number of buyers waiting for a pullback to get into the market are plentiful. There is also a number of fundamental factors that are likely to save gold from any major retreat.

A reversal back to the last support level of around $1,328 is a distinct possibility as holders of long positions temporarily exit gold on the back of profit taking.


The world of trading has no boundaries
Important notice
By clicking "Continue" you will be redirected to the website operated by FIBO Group Holdings Limited, a company registered in Cyprus and regulated by CySEC. Please familiarize yourself with the Terms of Business through the link. Click "Cancel" to remain on this page.