Information summary:
During the Asian session, gold prices suddenly plunged, and the price of gold has now hit a low of $3,148, down more than $44 from the intraday high of $3,192.78 hit earlier.
Gold prices continued to fall after breaking the $3,200 support I predicted earlier, and gold prices fell to a one-month low, continuing the recent decline.
The sharp reduction in tariffs between the United States and China has brought relief to global markets and led to a rebound, which has caused gold to correct and break through multiple technical levels.
Technical analysis:
In the short term, according to the 4-hour chart, the outlook for gold is bearish. Gold prices are trading below all of their moving averages, and the 20-period SMA has fallen below the 200-period SMA, which is located at $3,232, which will constitute an important resistance if the gold price trend recovers. Finally, technical indicators lack directional strength, but remain at negative levels, reflecting a lack of buying interest.
I think traders need to pay attention to the latest important support and upward resistance levels:
Support: $3140.
Resistance: $3100; $3215; $3232.
During the Asian session, gold prices suddenly plunged, and the price of gold has now hit a low of $3,148, down more than $44 from the intraday high of $3,192.78 hit earlier.
Gold prices continued to fall after breaking the $3,200 support I predicted earlier, and gold prices fell to a one-month low, continuing the recent decline.
The sharp reduction in tariffs between the United States and China has brought relief to global markets and led to a rebound, which has caused gold to correct and break through multiple technical levels.
Technical analysis:
In the short term, according to the 4-hour chart, the outlook for gold is bearish. Gold prices are trading below all of their moving averages, and the 20-period SMA has fallen below the 200-period SMA, which is located at $3,232, which will constitute an important resistance if the gold price trend recovers. Finally, technical indicators lack directional strength, but remain at negative levels, reflecting a lack of buying interest.
I think traders need to pay attention to the latest important support and upward resistance levels:
Support: $3140.
Resistance: $3100; $3215; $3232.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.