Forex Marketz Daily Forex News – Fully Markets Update
Gold (1223.73)
On Tuesday, we noted how the yellow metal formed a bullish reversal. As expected gold pushed higher. Referring to the daily MT 4 chart below, we note the piercing line candlestick and then the push higher. This recovery is now stalling. There is a notable shooting star which indicates a push lower is in the cards.
Should we move higher, we need a daily close above 1236.50. Should this happen, we would then challenge the technical resistance level at 1252.50. However, we see momentum ebbing. This means we could be pushing lower. A move below 1215.80, with a daily close, will target 1205.05 then 1203.28.
