Tue, May 30, 2023 @ 05:21 GMT
HomeContributorsTechnical AnalysisGold Drops Below 1,220 Mark

Gold Drops Below 1,220 Mark

‘Gold has made a modest recovery this morning as early Asian buyers are sighted.’ – Jeffrey Halley, OANDA

Pair’s Outlook

The yellow metal has dropped below the 1,220 mark. In particular, the commodity price managed to decline as low as 1,213.92, where the bullion’s price rebounded and began a surge, which occurred during the early hours of Wednesday’s trading session. It is most likely that the decline of the bullion will continue in the near future, as the commodity price is facing the resistance put up by the weekly S1 at 1,216.60 and the 38.20% Fibonacci retracement level at the 1,219.20 level. The next level to decline to is the cluster of support, which surrounds the 1,208.96 level, where the monthly S1 is at.

Traders’ Sentiment

Traders remain firm regarding their opinion, as 54% of open positions remain long. Meanwhile, 62% of trader set up orders are set to buy the metal.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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