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Gold Continues Bearish Movement

Published 09/10/2013, 07:03 AM
Updated 01/31/2022, 02:45 AM
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After the bullish retracement at the end of the week, Gold continues the bearish movement. The downswing was mainly triggered by the head and shoulders formation and the failure on the 1420 USD/oz, which is considered as a strong long-term resistance. The upswing was not unexpected as it was part of a neckline testing which turned out positively for sellers. The neckline (blue) will currently be the closest resistance along with the 1380 USD/oz. The closest support will be at 1315 USD/oz, and later, the more important 1270 USD/oz. Moreover, breaking the second one will definitely kill the hopes of the bullish camp.
Gold
Sentiment stays negative and will change into a neutral one once the bulls manage to break the red line connecting recent lower highs. Coming back to the long positions can be considered once the price finally breaks the 1420 USD/oz resistance.


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