The yellow metal failed to cling on to its gain after breaking out above 200MA (Weekly) earlier and currently trading below the 20MA daily. Given the daily indicators are remaining bearish, cautious remains in order with an eye on the support at 1216.00$ it’s 100MA and 1210.00$ its 50MA. A break below of these last support level would drag the price further to 1205.00$ it’s C corrective pattern on the H4 chart (1212.00$-1237.40$) and 50.0% of the fib reaction (1160.00$-1243.40$).
http://www.keytomarkets.com/blog/blog/ktm-commodity-daily-focus-on-gold/
Forecast: We expect the current correction could pause between 1216.00$-1210.00$. In this case, a sharp short-term rally would trigger to 1220.00$, 1227.00$ ahead of the critical resistance 1236.00$.
http://www.keytomarkets.com/blog/blog/ktm-commodity-daily-focus-on-gold/
Forecast: We expect the current correction could pause between 1216.00$-1210.00$. In this case, a sharp short-term rally would trigger to 1220.00$, 1227.00$ ahead of the critical resistance 1236.00$.