Get started
reyrockstreet

Gold: Bears now eye the $1,201 50% retracement

Short
Gold Spot / U.S. Dollar (OANDA:XAUUSD)  
reyrockstreet Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis fundamental_trading_ideas fundamentales fundamental-analysis fundamentalgold
3
0
trendanalysis fundamental_trading_ideas fundamentales fundamental-analysis fundamentalgold
  • Gold is stationary in Asia on Monday as the markets consolidate with a US holiday to get through before key events such as US CPI will hit the slate.
  • Gold has been suffering on higher US rates and the recent Fed comments which have been supporting the upside bias in the dollar.

If bears can stay below the 50-D SMA now at 1210, having broken the 38.2% target and the 30th Oct stick's lows at $1,212, the next key target is the $1,201 50% retracement. Bulls will need to get back above the $1229 (key pivot) area that then opens $1243 (Oct. 26 high) before the $1250 (psychological level) and the July high $1,266.
Trade closed: target reached
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.