Gold bears set to retest seven-month-old support near $1,680
Gold’s sustained trading below a horizontal area established since May 2020 gained support from Treasury yields rally to direct bears towards a falling trend line from August, currently around $1,680. However, the $1,700 threshold can offer an intermediate halt whereas double bottoms marked during May and June of 2020, near $1,670 could test the gold sellers afterward.
On the contrary, $1,740 guards the yellow metal’s immediate upside ahead of highlighting the key support-turned-resistance around $1,765-60. It’s worth mentioning that the gold bulls are less likely to be convinced unless witnessing a daily closing beyond a two-month-old resistance line, at $1,792 now. Overall, gold is ready for a south-run but the bears should remain cautious.
On the contrary, $1,740 guards the yellow metal’s immediate upside ahead of highlighting the key support-turned-resistance around $1,765-60. It’s worth mentioning that the gold bulls are less likely to be convinced unless witnessing a daily closing beyond a two-month-old resistance line, at $1,792 now. Overall, gold is ready for a south-run but the bears should remain cautious.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.