Spot gold accelerated lower on Monday, losing around 1% in early US trading, as demand for safe-haven yellow metal was hit by stronger dollar and rising hopes for fast global economic recovery.
Fresh weakness generated strong bearish signal on break of the floor of four-day congestion as bears cracked important support at $1706 (Fibo 61.8% of $1676/$1755), bringing under pressure psychological $1700 level.
Daily close below $1706 would further weaken near-term structure and open way for full retracement of $1676/$1755 corrective phase, capped by the base of thick weekly cloud.
Daily moving averages returned to bearish configuration and 14-4 momentum is breaking into negative territory, adding to negative stance.
Broken congestion floor ($1722) reinforced by 20DMA needs to cap today’s action and keep fresh bears in play.
Res: 1716; 1722; 1725; 1732.
Sup: 1705; 1700; 1695; 1676.
Written by Admin
Install your trader software at VPS server of one of the super fast providers:
Do you want to have such profits and charts? Choose our Megastorm EA for trading in the Forex market...
Here are some of the companies making headlines in premarket trading:Goldman Sachs (GS) — Goldman ...
U.S. stock futures were flat in overnight trading on Tuesday ahead of the first batch ...
Rick Nazarro of Colonial Manor Realty talks with a pair of interested buyers in the ...