Forex Marketz Daily Forex News – Fully Markets Update
Gold (1235.07)
It appears the yellow metal has lost steam and sellers have reentered the arena. A short term top has formed near 1255.10. This technical level is supported by the 55 daily moving average (DMA).
Looking at the above daily MT 4 chart, note the bearish shooting star candlestick just under the 55 DMA. Price action appears to be moving lower and we note near term support at 1231.50. A close below this level will challenge the technical support level at 1216.90. Please note near term resistance at 1255.10. This is also the high set on October 21. With no bullish reversal signals, sellers appear to be in control.
The below MT 4 hour chart supports the hypothesis that the sellers have returned as we note the strong bearish candlesticks indicating more bearish momentum in store for today. Without bullish reversal signals on the short term chart action, we doubt any recovery or correction higher today.
