Friday, February 23, 2018

Gold Consolidates Around $1,330

Following a test of the weekly support at 1,320.70, bulls took over the market and managed to push the yellow metal 0.8% higher within a couple of hours. The pair, however, stopped short of the expected daily high of 1.338.00, as the Asian session introduced some minor downward pressure.

By early Friday, Gold was testing the support of the 55-hour SMA circa 1,326.00. Even though technical indicators flash bullish signals in this session, the pair might fail to breach the massive resistance cluster formed by the 100– and 200-hour SMAs, the 23.60% Fibo and the monthly PP.

Thus, 1,340.00 might be the daily high for today. In terms of support, the rate could halt near the weekly support at 1,320.00 and spend the day fluctuating between this level and the above 1,340.00 area.

Chart: XAU/USD H4


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4 comments:

  1. UnknownFebruary 23, 2018 at 9:18 PM

    I fully agree, it has entered into sideways consolidation.

    ReplyDelete
  2. UnknownFebruary 23, 2018 at 11:44 PM

    Good posts, very helpful for all traders.

    ReplyDelete
  3. UnknownFebruary 25, 2018 at 4:36 PM

    A downward correction could be on the way.

    ReplyDelete
  4. UnknownFebruary 27, 2018 at 11:20 PM

    Thanks for the relevant information.

    ReplyDelete

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