Gold consolidates monthly losses inside bearish channel
Gold braces for the first weekly gain in three while bouncing off a two-year low inside a one-month-old bearish channel. That said, the metal’s latest recovery approaches a fortnight-old hurdle surrounding $1665. Any further upside, however, will be challenged by the stated channel’s upper limit, close to $1,680. If the buyers manage to defy the bearish chart pattern, the 200-SMA level surrounding $1,707 could act as the last defense of the bears before activating the run-up to refresh the monthly top, currently around $1,734.
Alternatively, gold’s pullback may aim for the latest swing low surrounding $1,641 before directing the bears towards the yearly bottom of $1,614. In a case where the bullion sellers keep controls past $1,614, the aforementioned channel’s bottom at around $1,607 and the $1,600 should probe the further downside. It should be noted that the quote’s weakness past $1,600 won’t hesitate to aim for the tops marked during August and September 2019, around $1555-57.
Overall, gold holds onto the bearish trajectory but a short-term rebound can’t be ruled out.
Alternatively, gold’s pullback may aim for the latest swing low surrounding $1,641 before directing the bears towards the yearly bottom of $1,614. In a case where the bullion sellers keep controls past $1,614, the aforementioned channel’s bottom at around $1,607 and the $1,600 should probe the further downside. It should be noted that the quote’s weakness past $1,600 won’t hesitate to aim for the tops marked during August and September 2019, around $1555-57.
Overall, gold holds onto the bearish trajectory but a short-term rebound can’t be ruled out.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.