Technical Analysis

Technical Outlook: Spot Gold – Bears May Extend Towards $1317 Support While 10SMA Caps


Spot Gold remains in red on Tuesday and met its target and strong support at $1323 (Fibo 38.2% of $1267/$1357 upleg), where temporary footstep was found. Near-term action is in narrow consolidation above $1323 handle and holds below broken 10SMA ($1331), maintaining bearish near-term bias. Relief from North Korea/Hurricane Irma's impact concerns reduced safe-haven demand and keep gold price under pressure. Bears may extend towards next pivotal support at $1317 (Fibo 38.2% of $1251/$1357 upleg) loss of which would expose another strong support at $1304 (daily Kijun-sen). Scenario is expected to remain in play while the price holds below 10SMA, otherwise, strong downside pressure would ease on break and close above 10 SMA.

Res: 1329, 1331, 1336, 1340
Sup: 1323, 1317, 1312, 1304

Author: Windsor Brokers LtdWebsite:
Windsor Brokers Ltd
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