Gold is seen to be testing $1298 levels at this point in time and if it manages to break higher, the next resistance could be at $1310/14 levels. Ideally, the metal should stay below $1365 levels to keep the triangle structure intact. It remains to be seen how prices react around $1314 levels which is fibonacci 0.786 resistance as presented on the daily chart view here. On the other side, if $1300 resistance holds, we could see a sharp decline from current price action while prices drop towards $1240 and lower. A break below the counter trend line support could be extremely encouraging for bears. We maintain our stand to remain on the short side with risk above $1300 levels.
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This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.