Technical analytics

Candlestick chart analysis of Gold

XAUUSD

Gold revisited 1295 area where the buying momentum faded. The spot turned around here and started losing value. Sellers easily reclaimed the 1290 level, and dragged the rate to the 1285 area. The selling bias faded during the night trades and the commodity was able to return to the level of 1295.


Gold returned to the EMA50 which was in the 1287 area. The EMA100 is still around the 1270 level. All the moving averages are pointing higher. MACD remained in the positive region, however, its histogram continued moving downwards. Stochastic left the oversold levels . The resistance stands at 1300, the support is at 1290.


If gold remains below 1290 it is likely to accelerate the fall towards retesting 1280 strong support. Besides, one bearish candlestick pattern was formed on the chart – "Shooting start". It is a bearish pattern and if this pattern is correct gold might fall further.

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