As gold retraces, attention turns to support zones around 1,953 to 1,947 and key moving averages, while investors watch for signs of recovery. Gold confirmed a breakdown from its small rising trend channel today as it fell through the lower trendline of the pattern and yesterday’s low of 1,977. Weakness was further confirmed on a drop below last Wednesday’s minor swing low of 1,970. Support for the day was seen at 1,957, leading to a bounce to test resistance around the 1,970 level. Given the …
Gold is still in a downtrend, selling strategy for OANDA:XAUUSD
As gold retraces, attention turns to support zones around 1,953 to 1,947 and key moving averages, while investors watch for signs of recovery. Gold confirmed a breakdown from its small rising trend channel today as it fell through the lower trendline of the pattern and yesterday’s low of 1,977. Weakness was further confirmed on a…
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