Gold Price Under Pressure


Gold price started a bear leg from the $1255-54 swing high against the US Dollar and moved below $1240. There was a break below a major support at $1240 and $1236, which ignited a sharp downside towards $1218.

The price is currently correcting but faces a connecting bearish trend line at $1226. There is another bearish trend line at $1232 on the hourly chart.

There is a chance that the price might correct towards the 38.2% Fib level of the last decline from the $1242 high to $1218 low at $1227 where it may face sellers.

The most important hurdle and sell zone for Gold is now at $1232-1236.

Leave a Reply