As the yellow metal broke, the support zone consisting of multiple intermediate bottoms nearly had a vertical fall. It broke the medium-term falling channel. However, the bulls gathered some strength to support the precious metal as it reached the long-term rising trendline. Consequently, gold formed a bounce from there. It reached the 20-daily moving average (DMA) and from there and started the next leg down. It has once again fallen towards the longterm rising trendline ($1,354). Once that is broken on a closing basis, the subsequent targets will be $1,321 and $1,278. The reversal can be tightened to the 20-DMA($1,442) on a closing basis.
Trend reversal: 1,442.0
Support: $1,350/1,300
Resistance: $1,400/1,430
Target: $1,321/$1,278
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US Gold: Bears Hit Back
Published 05/20/2013, 06:41 AM
Updated 05/14/2017, 06:45 AM
US Gold: Bears Hit Back
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