TipTVFinance

Gold – Bearish move could gather pace

FX_IDC:XAUUSD   GOLD / US DOLLAR
Gold             prices retreated in Asia as treasury yields rose, leading to broad based USD strength on hopes Fed’s Yellen could come out hawkish during her speech at Jackson Hole event on Wednesday.

On the daily chart , we have a bearish break from symmetrical triangle, with prices now within touching distance from 50-DMA support of $1329/Oz.

The daily RSI also shows a head and shoulder formation and a breach of neckline would signal further losses in gold             prices.

To the downside, a break below 50-DMA could yield $1311 (July 21 low).

On the higher side, a break above $1358 (Aug 16 high) would signal bearish invalidation.

Related Ideas

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out