Gold: Bears now eye the $1,201 50% retracement
Updated
- Gold is stationary in Asia on Monday as the markets consolidate with a US holiday to get through before key events such as US CPI will hit the slate.
- Gold has been suffering on higher US rates and the recent Fed comments which have been supporting the upside bias in the dollar.
If bears can stay below the 50-D SMA now at 1210, having broken the 38.2% target and the 30th Oct stick's lows at $1,212, the next key target is the $1,201 50% retracement. Bulls will need to get back above the $1229 (key pivot) area that then opens $1243 (Oct. 26 high) before the $1250 (psychological level) and the July high $1,266.
Trade closed: target reached
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