Gold – losing height, H&S formation on daily chart
Resistance – $1255, $1270, $1283
Support – $1237, $1223, $1218
Support – $1237, $1223, $1218
- Gold’s failure to sustain above $1260 and a fall back below falling trend line on daily chart has left the doors open for a drift lower to 50-DMA of $1237 levels.
- Fall back from NY session high kept the head and shoulder formation intact.
- On the higher side, prices need to breach $1255 in order to re-test $1263-1270 (previous day’s high).