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Gold fails to benefit from the risk-off environment

FXStreet (Córdoba) - Gold failed to benefit from the risk off environment and gave up ground to stronger dollar. The bright metal sunk for a second day in a row with spot sliding to a daily low of $1121.31 an ounce, nearing pre-FED levels of $1,120.00 an ounce.

Gold technical view

“The commodity bounced back towards the 1,125.50 region by the end of the day, but the overall technical tone is bearish as the price extended further below a bearish 100 SMA, whilst the technical indicators head lower, and are about to confirm a bearish continuation by crossing their mid-lines towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is now well below its 20 SMA that gains a limited bearish slope, whilst the technical indicators are aiming to resume their declines after some consolidation, well into negative territory, supporting a downward continuation towards the critical static support at 1,109.20, on a break below the mentioned daily low”.

Support levels: 1,121.30 1,109.20 1,102.80. Resistance levels: 1,129,50 1,135.60 1,142.50.

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