Gold Breaks Support

As you can see, recently price has shown a break of the 1250.00 support area and the ascending trendline, as well as breaking onto the bearish side of the EMAs. This has lead price to have a large volatile drop today with price now being at the same level as the previous higher low point.

A break of this higher low point would show a daily lower low. Further continuation through the 1200.00 support level would warrant further shorting opportunities. A break and retest of the 1200.00 area would be a nice entry point for a short.

We must also take note that the 20EMA has now crossed over to the downside of the 50EMA which is another bearish confluence. If you are not in a position within this market, then keep watching for a potential break and retest of the round support at 1200.00.

Chart: XAU/USD D1