GOLD Technical view
SPOT GOLD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1189.90 | 1206.99 | 1185.10 | 1202.64 | 13.04 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1232.00 |
| R2 | 1220.00 |
| R1 | 1213.00 |
| |
| S1 | 1180.00 |
| S2 | 1175.00 |
| S3 | 1160.00 |
Spot gold ended the session on Friday with gains of 1.09%, capping three successive losing sessions. The precious metal rebounded after grazing crucial near term supports at 1175.00- 1180.00; bottom end of the medium term bullish channel. Near term, the losses could be capped around these levels and a bounce back to 1220-00- 1240.00 cannot be ruled out. However, close below 1175.00, the losses could extend to 1150.00- 1160.00, 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: Bullish
TRADING RECOMMENDATIONS
Short:
- At 1235.00 with a stop at 1240.00 for a target of 1185.00
Long:
- At 1240.00 with a stop at 1230.00 for a target of 1260.00
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