The 1H gold chart shows a market that remains in consolidation since finding resistance at around 1485. Trading at the end of the 5/7 session and the beginning of the 5/8 session supported gold, where it showed support at the beginning of May - around 1440. A return to the middle has a near-term target of 1460-1465 for the start of the 5/8 session, near the 200-hour SMA. Failure to push back above 1465, followed by a break below 1440 would revive a bearish bias as it would complete a double top.
The prevailing trend in the 1H chart is bullish, so we might expect some further upside in the short-term, even above the 1485 resistance. However, a rally above 1485 will be challenged by resistance around the 1600 psychological handle, up to a previous key support around 1625. A break below the 1440 area could revive a bearish bias the market had since September 2012.
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Gold Bouncing Off Short-Term Range Support
Published 05/08/2013, 06:55 AM
Updated 05/14/2017, 06:45 AM
Gold Bouncing Off Short-Term Range Support
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