Gold returns below 1,300.00

Gold finally managed to overcome the strong one-week resistance of the 50.00% Fibonacci retracement and the monthly PP at 1,302.00 on Thursday. A further surge, however, did not follow, as the yellow metal was once again pushed below the psychological 1,300.00 level.

Downside pressure was provided by the 200-day SMA which is located at this reversal point. By Friday morning, the pair had breached several important support levels and was testing the 55– and 100-period (4H) and 200-hour SMAs at 1,297.00.

In case this barrier is breached, Gold should approach the senior channel and the 61.80% Fibo. Conversely, a failure to do so is most likely to cause ranging movement between the 200-day SMA and these smaller-scale lines.


Positions Today Yesterday % Change
Longs 48% 47% 2.08%
Shorts 52% 53% -1.92%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Neutral Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy