GOLD - USD - Came Under Pressure - Bearish Run Hit Our Target at $1,240 - 05/04/2017 (GMT)
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GOLD - USD Chart
The precious metal came under pressure over the last couple of days and plummeted close to 1.5% since Wednesday session. The XAU/USD pair met our suggested target at $1,240 (see technical analysis here: http://bit.ly/2pr6hsB) and now is falling further while it recorded a new six-month low at $1,235 early this morning.
The five-month ascending trend line was penetrated from the price action, however, the strong obstacles that are near the current market price, 100 and 200 daily SMAs as well as the 200-weekly SMA, will help the metal to pause the bearish tendency and continue the upward movement until the $1,260 resistance level. On the other side, a slip below the aforementioned obstacles will open the way for the $1,195 support barrier. On the short-term timeframe, the RSI indicator is falling sharply and is moving in the negative path whilst the MACD oscillator entered the bearish territory.
The five-month ascending trend line was penetrated from the price action, however, the strong obstacles that are near the current market price, 100 and 200 daily SMAs as well as the 200-weekly SMA, will help the metal to pause the bearish tendency and continue the upward movement until the $1,260 resistance level. On the other side, a slip below the aforementioned obstacles will open the way for the $1,195 support barrier. On the short-term timeframe, the RSI indicator is falling sharply and is moving in the negative path whilst the MACD oscillator entered the bearish territory.
This member did not declare if he had a position on this financial instrument or a related financial instrument.
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