GOLD - renewed pressure eyes 1208/00 supports

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    GOLD Spot Gold remains bearishly aligned and favors further downside, following last Friday’s post-NFP data slump that retested key near-term support at 1208. Subsequent quick recovery failed to sustain gains and was capped by falling 10SMA, with today’s opening few ticks below Friday’s closing price, maintaining downside pressure. However, long-tailed Friday’s daily candle, signals downside hesitation and suggests prolonged consolidation, before renewed attack at 1208 base, which marks key

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