HelenRush

Gold enters a new bearish phase

TVC:GOLD   CFDs on Gold (US$ / OZ)
Spot gold             keeps losing ground on Monday, with the price extending loses to the critical $1,200 support. The yellow metal hit $1,210, the lowest level since March 2017, which is the last line of defense ahead of the key $1,200 support. A break below this level will open the way to fresh long-term lows and will mark a new bearish phase for the market.

As the US-China trade jitters showed, gold             has really lost its appeal as a safe-haven asset as the risk-off sentiment fuels USD demand instead. The same is in the case with the Turkish crisis that came into focus amid a dramatic decline in the Lira. Considering the changing status of the precious metal, there is a risk of further drop, despite the record net short positioning points to a risk for an upside reversal.

As such, a challenge of the mentioned psychological support will open the bearish road to $1,997. This is the intermediate support on the way to $1,190. On the other hand, should the $1,200 figure remains intact, the metal could try to regain the $1,215 area.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out