Skandinaviska Enskilda Banken made some technical analysis for Gold evaluated the market condition for this pair a secondary ranging in the next and medium-term future for example.
The price is below 100 period SMA and 200 period SMA for the primary bearish market condition with the secondary ranging within Fibo resistance level at 1191.43 and Fibo support levels at 1077.20. Symmetric triangle pattern was formed by the price to be crossed for direction.
| Resistance | Support |
|---|---|
| 1191.43 | 1104.61 |
| 1232.41 | 1077.20 |
If price will break Fibo support levels at 1077.20 so the primary bearish will be continuing.
If price will break Fibo resistance level at 1191.43 so the bear market rally will be started with the good
possibility to the reversal of the price movement from the primary
bearish to the primary bullish market condition.
If not so we may see the ranging within the levels.
- Recommendation for long: watch close price to break 1191.43 for possible buy trade
- Recommendation
to go short: watch the price to break 1077.20 support level for possible sell trade
- Trading Summary: ranging
SUMMARY : bearish
