Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24
How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - 17th Feb 24
Why Rising Shipping Costs Won't Cause Inflation - 17th Feb 24
Intensive 6 Week Stock Market Elliott Wave Training Course - 17th Feb 24
INFLATION and the Stock Market Trend - 17th Feb 24
GameStop (GME): 88% Shellacking Yet No Lesson Learned - 17th Feb 24
Nick Millican Explains Real Estate Investment in a Changing World - 17th Feb 24
US Stock Market Addicted to Deficit Spending - 7th Feb 24
Stocks Bull Market Commands It All For Now - 7th Feb 24
Financial Markets Narrative Nonsense - 7th Feb 24
Gold Price Long-Term Outlook Could Not Look Better - 7th Feb 24
Stock Market QE4EVER - 7th Feb 24
Learn How to Accumulate and Distribute (Trim) Stock Positions to Maximise Profits - Investing 101 - 5th Feb 24
US Exponential Budget Deficit - 5th Feb 24
Gold Tipping Points That Investors Shouldn’t Miss - 5th Feb 24
Banking Crisis Quietly Brewing - 5th Feb 24
Stock Market Major Market lows by Calendar Month - 4th Feb 24
Gold Price’s Rally is Normal, but Is It Really Bullish? - 4th Feb 24
More Problems in US Regional Banking System: Where There's Fire There's Smoke - 4th Feb 24
New Hints of US Election Year Market Interventions & Turmoil - 4th Feb 24
Watch Consumer Spending to Know When the Fed Will Cut Interest Rates - 4th Feb 24
STOCK MARKET DISCOUNTING EVENTS BIG PICTURE - 31st Jan 24
Blue Skies Ahead As Stock Market Is Expected To Continue Much Higher - 31st Jan 24
What the Stock Market "Fear Index" VIX May Be Signaling - 31st Jan 24
Stock Market Trend Forecast Review - 31st Jan 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Gold Price Is Facing 1295.44 Resistance

Commodities / Gold and Silver 2017 Jun 07, 2017 - 12:59 PM GMT

By: Enda_Glynn

Commodities

After touching the ascending trend line from the January 27 low of 1180.51 to the March 10 low of 1194.94 on its daily chart, XAUUSD rebounded strongly from 1214.17 and the pair is now facing 1295.44 resistance.



Will the bullish movement continue?

Let’s look into its 4-hour chart. There is a bullish trend line from the May 9 low of 1214.17 to the June 2 low of 1258.92 with support at around 1266.00 on its 4-hour chart, indicating that the pair remains in a bullish structure. As long as the XAUUSD pair is above the trend line, the uptrend from 1214.17 could be expected to continue. However, the pair is now under pressure by the resistance of the April 17 high of 1295.44, so sideways movement in a range between 1285.00 and 1295.44 would likely be seen in a couple of days.


On the upside

A break above 1295.44 resistance will confirm the long term uptrend from the December 2016 low of 1122.56 has resumed. This could trigger another rise to the next resistance level at the November 2016 high of 1337.28. If this level gives way, the pair will find resistance at the July 2016 high of 1375.11.

On the downside

Key support for the short term uptrend from 1214.17 is located at the ascending trend line on its 4-hour chart, only a clear break below the trend line support will indicate that the uptrend is complete, then another fall to test the support of the rising trend line on the daily chart could be seen.

Technical levels

Support levels:  1285.00 (near term support), 1266.00 (trend line on 4-hour chart), 1.258.92 (June 2 low), 1224 (trend line on daily chart).

Resistance levels: 1295.44 (April 17 high), 1337.28 (November 2016 high), 1375.11 (July 2016 high).

This article is written by Franco Shao, a senior analyst at ForexCycle.

© 2017 Copyright Franco Shao - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in