GOLD, sharp decline after fail break!

mario urlic forex gold 16.05.

The precious metal touched 1288 high today after the buyers have broke the down trend line. They have probably tought they can target the next resistance, but the sellers have took over and returned gold down sharply to 1274 at first and to 1271 after. H1/MA200 was broken in this first attack, H1/MA200 is holding for now. Daily candle looks burned now, but we will see where the price will close the day. More decline could fiind support at the H4 and daily up trend line, just before the 1257/62 suport. In my point of view, if the price continue to fall after this, the buyers will retreet lower at 1250 > 1227 and that level will be important for furder development. If that level will be broken, the sellers will try to reach daily MA100 at 1208. On the way up, 1276 is the first resistance, 1280 the second strong one. Well, it’s not strange to see something like this, that’s gold. 🙂

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One comment

  • Market Weekly Digest

    Pretty positive it was the London Fix twice today that dropped the gold down, gold would have gone really high without it. The demand is high, it’s just a matter time before it breaks $1300

    Liked by 1 person

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