GOLD - Resistance fake out, watch 1485-1495 for support bounce
- As shown in the chart gold has very strong resistance around the 1508 - 1515 level
- Price made an attempt to break above this level today due to the rally, caused by the worse than expected US data release
- Price has clearly failed to break through this resistance zone and has now pulled back below it
- Strong support for gold can clearly be seen around the 1485 - 1495 zone
- If price were to pullback lower I would watch for support to hold around this zone to indicate a possible buying opportunity again
** Be aware the NFP results are due tomorrow @ 13:30 (GMT) this could be quite the catalyst to provide a break of either indicated support or resistance.
however my bias is on the long side due to the current fundamentals surrounding the US dollar.
- Price made an attempt to break above this level today due to the rally, caused by the worse than expected US data release
- Price has clearly failed to break through this resistance zone and has now pulled back below it
- Strong support for gold can clearly be seen around the 1485 - 1495 zone
- If price were to pullback lower I would watch for support to hold around this zone to indicate a possible buying opportunity again
** Be aware the NFP results are due tomorrow @ 13:30 (GMT) this could be quite the catalyst to provide a break of either indicated support or resistance.
however my bias is on the long side due to the current fundamentals surrounding the US dollar.