Gold Consolidates in Tight Range – is it Going to Retrace Up? - Forex News by FX Leaders

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

Posted Wednesday, November 28, 2018 by
Arslan Butt • 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

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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