Will the bulls strike back?
Resistance levels: 1.325 + 1.355 + 1.375
Support levels: 1.296 + 1.285 + 1.264
Outlook 2017-09-20:
Gold finds itself at a pivotal point, where the market will establish a direction. The general context remains bullish in mid-term.
Gold has been dominated by bullish market participants since beginning July 2017. It consecutively triggered further buy signals and attracted significant long interest to elevate the price till $ 1,296 and subsequently hit the massive hurdle at $1,355. In early September gold initiated a correction that prevented the price to stabilize at $ 1,325 last week. Gold broke through a short-term upside trend-line and reached a support zone $1,300.
Technical outlook:
Gold was met with a strong bearish counter-move in recent days, however, the overall trend is still bullish. Now, it is required that the bulls become active and provide enough buying power to prevent further sell signals, which could trigger a sell-off. If Gold stabilizes at $1,296 $ 1,305 and then breaks through $1,325 it will likely strengthen another attack of the $1,355 level, which at the same time would bring in more buyers and a quick rush to $1,375 and $1,400.
On the other hand, if $ 1,296 does not hold it would confirm a short-term sell signal until $1,285 and from there the price will probably reach $1,264 - $1,245 rather swiftly.
Support levels: 1.296 + 1.285 + 1.264
Outlook 2017-09-20:
Gold finds itself at a pivotal point, where the market will establish a direction. The general context remains bullish in mid-term.
Gold has been dominated by bullish market participants since beginning July 2017. It consecutively triggered further buy signals and attracted significant long interest to elevate the price till $ 1,296 and subsequently hit the massive hurdle at $1,355. In early September gold initiated a correction that prevented the price to stabilize at $ 1,325 last week. Gold broke through a short-term upside trend-line and reached a support zone $1,300.
Technical outlook:
Gold was met with a strong bearish counter-move in recent days, however, the overall trend is still bullish. Now, it is required that the bulls become active and provide enough buying power to prevent further sell signals, which could trigger a sell-off. If Gold stabilizes at $1,296 $ 1,305 and then breaks through $1,325 it will likely strengthen another attack of the $1,355 level, which at the same time would bring in more buyers and a quick rush to $1,375 and $1,400.
On the other hand, if $ 1,296 does not hold it would confirm a short-term sell signal until $1,285 and from there the price will probably reach $1,264 - $1,245 rather swiftly.
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