Gold listed with a light negative bias on the day of reckoning of the week, albeit has still managed to defend a very important horizontal support close to the $1492 region.
The mentioned support, together with a downward-sloping trend-line resistance perceived to represent towards the formation of a downward-sloping triangle on hourly charts.
Given that the artefact has already found acceptance below 200-hour SMA and twenty three.6% Fibo. level of the $1400-$1535 recent upsurge to multi-year superior, the set-up may need already turned in favour of pessimistic traders amid rising world risk sentiment and receding demand from ancient safe-haven assets.
Meanwhile, technical indicators on hourly charts are drifting lower within the negative territory ANd currently perceived to support prospects for an ultimate pessimistic break through the downward-sloping triangle, setting the stage for an additional corrective slide back towards testing last week's swing lows - round the $1483-81 region.
However, oscillators on the daily chart have still managed to keep up their optimistic bias and may still attract some dip-buying interest at lower levels, which could facilitate limit more draw back prior the Fed Chair Eusebius Hieronymus Powell's scheduled speech at Jackson Hole later throughout the first North-American session.
Failure to defend the mentioned support levels may trigger some follow-through technical merchandising and switch the dear metal liable to accelerate the slide more towards $1475 level en-route five hundredth Fibo. level close to the $1467-65 zone and a previous resistance breakpoint turned support close to the $1450 region.
On the flip facet, the downward-sloping trend-line - presently close to the key $1500 psychological mark currently looks to act as a direct resistance and is closely followed by 200-hour SMA round the $1507 region, that if cleared may negate the pessimistic outlook ANd trigger a recent leg of an up-move towards $1522 intermediate resistance prior multi-year superior.
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