Prices broke support at 1297.82, the 38.2% Fibonacci expansion, to
expose. the 50% level at 1290.15. A further push below that targets the
61.8% Fib at 1282.47. Alternatively, a reversal back above 1297.82 opens
the door for a test of the 23.6% expansion at 1307.31.
By the way, according to seekingalpha portal - Gold settled lower on Tuesday on buoyant global equities and as the dollar strengthened after upbeat U.S. data, while the market continued to monitor international political tensions. Palladium fell from a 13-year high of $900 an ounce hit in the previous session, supported by worries about supplies from top producer Russia and strong demand prospects. Prices were last down 1.1 percent at $878 an ounce. "It is mostly the demand side, with record-high car sales from China, while supply comes from South Africa and Russia, where there are continued disruptions… this makes it the perfect candidate for funds to step in," Saxo Bank senio manager Ole Hansen said. U.S. gold futures settled $2.60 lower at $1,296.70 an ounce, while spot gold eased 0.2 percent to $1,295 an ounce, after dropping 0.6 percent in the previous session.
Gold Technicals
By the way, according to seekingalpha portal - Gold settled lower on Tuesday on buoyant global equities and as the dollar strengthened after upbeat U.S. data, while the market continued to monitor international political tensions. Palladium fell from a 13-year high of $900 an ounce hit in the previous session, supported by worries about supplies from top producer Russia and strong demand prospects. Prices were last down 1.1 percent at $878 an ounce. "It is mostly the demand side, with record-high car sales from China, while supply comes from South Africa and Russia, where there are continued disruptions… this makes it the perfect candidate for funds to step in," Saxo Bank senio manager Ole Hansen said. U.S. gold futures settled $2.60 lower at $1,296.70 an ounce, while spot gold eased 0.2 percent to $1,295 an ounce, after dropping 0.6 percent in the previous session.
Gold Technicals
| S3 | S2 | S1 | R1 | R2 | R3 |
|---|---|---|---|---|---|
| 1290 | 1275 | 1240 | 1330 | - | - |
