GOLD Technical view
SPOT GOLD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1217.46 | 1226.26 | 1187.10 | 1189.60 | -28.02 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1265.00 |
| R2 | 1236.00 |
| R1 | 1216.00 |
| |
| S1 | 1186.00 |
| S2 | 1180.00 |
| S3 | 1165.00 |
Spot gold ended the session on Thursday with losses of 2.29%, extending its losses to the third successive session and closing near its 41- months lows. The precious metal rebounded after grazing crucial near term supports at 1180.00- 1186.00; bottom end of the medium term bullish channel. Near term, the losses could be capped at 1180.00- 1190.00 and a bounce back to 1220-00- 1240.00 cannot be ruled out. However, close below 1180.00, the losses could extend to 1165.00, the final barrier before spot gold could slide to 1000.00- 1050.00 per troy ounce; targets for the symmetrical triangle in a downtrend
TREND DIRECTION
- Short term: Bullish
- Medium term: Bearish
- Long term: Bearish
TRADING RECOMMENDATIONS
Short:
Long:
- At 1184.00 with a stop at 1176.00 for a target of 1210.00
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