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Abstract:Gold has been trying to string together a rally as of late, but its inability to get into gear suggests that recent strength is nothing more than a corrective move in an ongoing downtrend.
Gold has been trying to string together a rally as of late, but its inability to get into gear suggests that recent strength is nothing more than a corrective move in an ongoing downtrend. Looking lower, there is a slope from March 2020 that will quickly come into focus.
The major level on the markets mind is around 1676, a level that began as resistance just prior to the onset of the pandemic. Since then it has been used as support on numerous occasions, with the most recent test coming during the August flash-crash (actual low then was 1681).
From a tactical perspective, would-be shorts may want to use last weeks high at 1781 as a threshold for assessing risk on stop-losses. This would leave good risk/reward for trades should we see gold test the big level in question.
For would-be longs, it appears prudent to be patient and wait for a better set-up before trying to fight the current tone and trend of the market.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Gold prices rise to Rs 48,217/10 gm on rupee downtick, US inflation data eyed; Silver cheaper by Rs 224.
Gold price technical outlook.
Gold prices closed at $1811.45 after reaching a high of $1819.55 and a low of $1806.75.
XAU/USD remains on track to test 200-DMA.