Gold gave back all of the gains from Monday after failing to break through the 38.2% retracement level and is now trading in the mid-1560s.
The "double bottom" at 1558 is a critical hold here for the bulls and a failure of the support would see a rapid retest of 1525. If the major support here fails, 1400 could be seen in very short order.
There is a lot of overhead resistance around 1600 with a cluster of moving averages and the psychological round number to contend with.
The "double bottom" at 1558 is a critical hold here for the bulls and a failure of the support would see a rapid retest of 1525. If the major support here fails, 1400 could be seen in very short order.
There is a lot of overhead resistance around 1600 with a cluster of moving averages and the psychological round number to contend with.