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Gold Technical Analysis: Yellow Metal rebounds from daily lows trading now near $1,273.00/oz

Gold daily chart

  • Gold is trading below $1,280.00 per troy ounce and the 100 and 200 simple moving averages (SMAs) suggesting bearish pressure. 

Gold 4-hour chart

  • Gold is trading below its main SMAs suggesting a bearish bias in the medium-term.

 
Gold 30-minute chart

  • Gold is trading below its main SMAs suggesting a bearish momentum in the short-term.
  • Bulls have reversed a good chunk of the daily losses however, they face resistance at 1,276.00 and 1,280.00 levels. Further up, lies 1,290.00 resistance.
  • A bear break below 1,270.00 can potentially lead to 1,260.00 level and 1,247.00 support. 

Additional key levels

 

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