Gold found some resistance at $1,245 and bounced off from it after forming a shooting star candlestick on the daily time-frame at that level, it may next fall back towards $1,215 as a part of the sideways consolidation.
The price of gold confirms its breakout below the lower trendline of a bullish channel, identified a few weeks ago on the daily chart. Gold also breaks below the 55 day EMA around the 1215 level and it could keep falling towards the 1200 level, which could act as support. The price of gold is pressured by the rally on the US Dollar and by the trade war between the US and China. Below the 1200 level, the next support levels are at the 1180 and the low at the 1160. To the upside, the channel is invalidated and the price may say consolidated between the 55 and 200 day EMA.
The price of gold bounces to the upside from the 55 day EMA at the 1216 level and reaches the 1232 level. If it continues rallying, the 200 day EMA at the 1247 level could act as resistance. Below the 55 day EMA, the 1200 could act as support.
The price of gold is stuck right in between the 55 day EMA at the 1218 level and the 200 day EMA at the 1246 level. From the current level at the 1230, the price of gold could head in any direction. Both moving averages could act as resistance and support, but a breakout above the 200 day EMA could take the price to the 1263 level where we can find the 200 week EMA. Below the 55 day EMA, its next support could be the 1200 level.
Gold drops again to the 55 day EMA around the 1218 level, where it may find some support, but a breakdown of that moving average could trigger a drop to the 1200 area. To the upside, the 200 day EMA around the 1246 could act as resistance.
Gold drops to the 1200 level as shown on the daily chart, where it may find a support. To the upside, the 55 day EMA could act as resistance at the 1216 level. Below the 1200 level, its next support could be the 1180 level, followed by the 1160 level.
Small pullback on gold. The price of gold dropped to the 1200 level, but finds a good support around that zone. The price bounces to the upside from the 1200 level to the 55 day EMA, around the 1216, which acts as a resistance. Gold may get trapped between the 1200 level and the 55 day EMA, especially when the price has not revealed a clear trend in the mid-term. On the other hand, if gold breaks above the 55 day EMA, then its next resistance could be the 200 day EMA, around the 1245 level. If the price breaks below the 1200 level, its next support could be the 1180 level, followed by the low at the 1160 level.
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