Dukascopy_Analyst

Gold to plunge below 1,235 in volatile trading

FX:XAUUSD   Gold/U.S. Dollar
93 0 1
"Particularly in the U.S., this slow normalization of the economy should result in a grind higher in real interest rates and cap the attractiveness of precious metals as an investment."
- BMI Research (based on CNBC)

Pair's Outlook
The bullion's activity is very high this Wednesday morning. Following the bullish failure to push prices anywhere beyond the 1,250 level, today we are seeing a heavy selling pressure. The most immediate support is the two-month uptrend located at 1,235; however, we suspect that formidable bearish sentiment will lead to a testing of the 1,230 area that consists of the weekly S1 and 23.6% Fibonacci retracement of Dec-Mar uptrend. Closure under 1,227 will signify that gold             is ready to tackle the 1,205 mark where the monthly pivot point merges with the second weekly demand line.

Traders' Sentiment
Tuesday has seen an additional improvement in terms of the bullish side of SWFX positions. It added one more percent to increase up to 35% by the March 23 morning.
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out