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Gold outlook – increased risk of drop to daily 100-SMA
Gold Spot / U.S. Dollar
Gold outlook – increased risk of drop to daily 100-SMA
By TipTVFinance
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May 26, 2016
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May 26, 2016
Resistance
– $1230, $1236, $1249
Support
– $1224.60, $1215.33, $1200
Doji formation on daily chart adds credence to a possibility of minor technical correction in gold, although prices failed near daily 5-MA in Asia.
This if followed by a move below Asian session low of $1224.60 would open doors for a slide to daily 100-MA level of $1215.33.
Such a move would daily RSI into oversold territory, thus leading to sideways to positive action.
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TipTVFinance
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