Gold: On the verge of losing the $1700 level

Author: DreamPirates | Last Updated : 2020-05-27 Gold: On the verge of losing the $1700 level

Gold pulled back on Tuesday as the risk theme turned positive and equities rose. The price moves lower toward $1700, FXStreet’s analyst Rajan Dhall reports.

“The MACD signal lines have crossed over to the downside below the zero mid-line. This is considered bearish in the medium-term and could indicate a bigger correction is in the making. This theory is also backed up by the Relative Strength Index indicator as it is heavily in a bearish position, although there is some more room to move to the downside.” 

“In terms of support zones, the 38.2% Fibonacci support at $1645.00 per troy ounce look firm as it has another support level close by. Bear in mind that if the price does move that low the bull flag would be obsolete and the 200 SMA would be broken.”


Tag : business

Relative Posts

Mukesh Ambani's Jio listing can profit from US-China tech war

Mukesh Ambani's Jio listing can profit from US-China tech war


U.S.-traded Chinese technology firms such as JD.com Inc. and NetEase Inc. are looking for an alternative home closer to the mainland in case tensions between Washington and Beijing escalate
Gold: On the verge of losing the $1700 level

Gold: On the verge of losing the $1700 level


Gold: On the verge of losing the $1700 level
Mercedes-AMG C 63 Coupe Launched In India; Prices Start At ₹ 1.33 Crore

Mercedes-AMG C 63 Coupe Launched In India; Prices Start At ₹ 1.33 Crore


Mercedes-Benz India has finally launched the new Mercedes-AMG C63 Coupe in India at a starting price of Rs. 1.33 crore (ex-showroom India).
One year of Modi 2.0: Real estate sector sees long-term initiatives, but quick fixes to boost housing demand missing

One year of Modi 2.0: Real estate sector sees long-term initiatives, but quick fixes to boost housing demand missing


Introduction of a Rs 25,000 crore stressed fund for stalled real estate projects to the COVID-19 financial package announced by FM earlier this month marked some of the key measures.
 Bharti Airtel block deal: Now, Sunil Mittal’s telecom group looks to go debt-free after Mukesh Ambani’s RIL

Bharti Airtel block deal: Now, Sunil Mittal’s telecom group looks to go debt-free after Mukesh Ambani’s RIL


Bharti Airtel’s promoter firm Bharti Telecom raised Rs 8,433 crore on Tuesday, selling 2.75% stake in the telecom major to institutional investors through an accelerated book building process in