Gold had been surging pass the 1800 dollar pivot in the last couple of days to re-test the resistance at 1830 dollars, as per the daily chart below.
Traders took their cues from dovish comments issued by most major central bankers, keeping the bid tone on gold.
There had been 3 prior attempts to break above 1830. Will gold succeed this time?
Both the 60MA and the 200MA on the daily chart had been sloping downwards with the faster MA still below the slower one.
Dropping down to the lower timeframes tells a different story, however. Check out the the H4 and H1 charts below.
In both the above charts, the 60MA is sloping upwards with price action currently above the moving average, signaling a strong bullish sentiment underway.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Price action would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
As always, all prior support and resistance lines were still respected and will likely continue to be.
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All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
