Gold has broken key short-term support between 3260-3284 (shaded in grey on the chart). This is a bearish development in the short term outlook from a technical point of view. But with the long-term trend being bullish, traders should take this with a pinch of salt. Key support levels are now approaching. $3200 is an obvious level to keep an eye on. Below that old resistance at $3167 comes into focus next. The line in the sand is at around the $3100 mark, where the bullish trend line is also converging.
By Fawad Razaqzada, market analyst with FOREX.com
By Fawad Razaqzada, market analyst with FOREX.com
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.