Forex Marketz Daily Forex News – Fully Markets Update
Over the last several days we have seen the yellow metal (XAU/USD) lose a bit of ground as price has moderated a little bit. There appears to be a new short term swing high around the $1,191 per ounce level. This could mean a new trend resumption for the precious metal. One of the specific support zone to pay attention too is the former resistance, now support at 1,170. This is the red line, which could mean a resumption of a bearish trend.
We are now trading below this level and near the support at $1,161. Traders could look to enter stops below this level and an even harder stop below the support at $1,151. Looking at the upside, bullish, the first target should be the technical resistance at $1,189 per ounce. This is a near term swing high and could open the doors for the key psychological level at $1200. After that sees the technical resistance lining up at $1,218 then the next, albeit minor, psychological level at $1,225.
Looking at the short side, for those who want to short the precious metal. I would suggest waiting for the key support at $1,155 to collapse. This would confirm that a bearish pattern is reemerging for gold and would give way for a challenge of the technical support at $1,128. Below this level lies the key psychological support level at $1,100 per ounce. Below that level is $1,087.04 and then $1,070 per ounce.
