Technical Analysis

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

Typography

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: http://www.windsorbrokers.com/
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
More from the author