DailyFX.com - <\/p>\n
Talking Points: <\/p>\n
Gold prices are consolidating to start the week, and have failed to put in a daily high since February 8th. In the absence of a new high above $1,244.71, Golds 2017 uptrend remains in jeopardy. Technically the commodity remains supported in the short term above its 10 Day EMA (exponential moving average) at $1,232.42. If the commodity closes below this point, it may signal a bearish shift in the market for the first time in Februarys trading. Traders should note that a bearish move would also place gold prices back in the direction of its longer term downtrend. The commodity has remained below its 200 day MVA (simple moving average) since November of 2016. <\/p>\n
Gold, Daily Chart with Averages <\/p>\n
Gold Prices Uptrend Fails to Progress <\/p>\n
(Created Using IG Charts) <\/p>\n
Intraday market analysis has the price of gold trading near todays central pivot at $1,236.64. If gold prices are to resume trending higher, the commodity must first trade through todays R1 and R2 pivot, found at $1,237.91 and $1,239.56. A move to this point would expose a breakout above the R3 pivot at $1,240.85. A move above this value should be seen as significant, as golds next point of significant resistance would be the previously mentioned 2017 high at $1,244.71. <\/p>\n
In the event of a bearish reversal, initial values of support may be found at the R1 and R2 pivots found at, $1,235.02 and $1,233.33. So far prices have tested support at R2 twice in todays trading, but have failed to make significant progress below this point. If prices begin to turn lower, todays last value of intraday support may be found at $1,232.11. A breakout below this point would place gold prices back below the previously mentioned EMA, and open the commodity to trade towards new lower lows in the short term. <\/p>\n
Gold Price 30 Minute Chart & Pivots <\/p>\n
Gold Prices Uptrend Fails to Progress <\/p>\n
(Created Using IG Charts) <\/p>\n
--- Written by Walker, Analyst for DailyFX.com <\/p>\n
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original source <\/p>\n
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from IG.<\/p>\n
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Gold Prices Uptrend Fails to Progress - Yahoo Finance - Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" DailyFX.com - Talking Points: Gold prices are consolidating to start the week, and have failed to put in a daily high since February 8th. In the absence of a new high above $1,244.71, Golds 2017 uptrend remains in jeopardy. Continue reading