Gold Consolidates in Tight Range – is it Going to Retrace Up?

Arslan Butt•Wednesday, November 28, 2018•1 min read

Fellas, in our previous update, we spoke about the top 2 reasons behind a gold sell-off. In this update, we are going to take a look at the technical side of the market. So, here are the key technical points:

On the 4-hour timeframe, GOLD has violated a sideways channel which has kept the precious metal in a range of $1,220 – $1,228.
The daily close is bearish marubozu, which indicates a significantly bearish bias of traders. So, gold might continue trading bearish now.
The immediate support is at $1,210 and resistance can be seen at $1215.
So, here’s the thing: the violation of $1,210- $1,215 trading range is likely to determine which why gold is willing to move.
On the lower side, gold can go after $1,206 while the bullish breakout of $1,215 can lead it towards $1,218.
Support Resistance
1217.38 1229.43
1211.71 1235.81
1199.66 1247.86
Key Trading Level: 1223.76

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.