Gold Now Facing the 100 SMA - Forex News by FX Leaders
The retrace higher is over for Gold

Gold Now Facing the 100 SMA

Posted Friday, May 17, 2019 by
Skerdian Meta • 1 min read

GOLD has been pretty bullish in the last two weeks, although the main trend remains bearish after the reversal we saw back in February at $1,346. Although, during this reversal, Gold found resistance at the 100 SMA (green) first two weeks ago which then turned into support last week as you can see from the H4 chat above.

Then, the 200 SMA (purple) provided resistance during last week, which got broken on Monday. I though yesterday when the price was reversing back down that the 200 SMA would turn into support now, but that wasn’t the case. We saw a sudden and strange improvement in market sentiment yesterday, which is a negative thing for safe havens and Gold broke the 200 SMA without much resistance.

Today, it seems that the 200 SMA has turned into resistance for Gold. But the 100 SMA turned into support for some time. That moving average held since late US session yesterday but was broken a while ago. Now this moving average should be a good place to sell Gold as i expect it to turn into resistance again.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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