You are here: Home > articles > Forex > Technical Analysis – Gold looking to rebound on 38.2% Fibonacci after pausing downtrend
Technical Analysis – Gold looking to rebound on 38.2% Fibonacci after pausing downtrend
June 3, 2020 11:26 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
Gold prices are heading sharply lower and have hit the lower surface of the Ichimoku cloud after bouncing off the 100-period simple moving average (SMA). The commodity has paused its bearish move at the 38.2% Fibonacci retracement level of the up leg from 1,614 to 1,765 at 1,718.
Looking at the technical indicators, the RSI is pointing slightly up in the negative zone, however, the MACD is decreasing below the zero and trigger lines.
If the price fails to dive beneath the 1,716 support it could challenge the 40- and 100-period SMA currently at 1,724 and 1,726 respectively, before touching the upper surface of the cloud at 1,729. Higher still, the 23.6% Fibo of 1,736 and the 1,745 resistance could come into focus, while the 1,754 hurdle could be a crucial level for investors.
Alternatively, a decline underneath 1,716 could send prices towards the 1,703 level, being the 50.0% Fibo, ahead of the 1,692 low and the 61.8% Fibo of 1,688. A strong move below these lines and towards the 1,661 – 1,671 region could shift the neutral outlook to bearish.
Summarizing, the yellow metal seems to be in a trendless market in the very short-term, however, a decline below the 61.8% Fibo could open the door for a bearish picture.
Related Posts: