Chart Of The Day: Gold sellers await the break of 3-week-old support-line to target 200-bar SMA on the NFP-day

Fri, 06 Sep 2019 12:21

Despite declining below 4H 100MA, Gold prices are still above near-term support-line, at $1512 now, which in-turn keeps the odds of a pullback alive given the US employment data disappoint during the US session. If at all prices slips below $1512, 4H 200MA level of $1488 is likely next support that the Bullion traders could avail whereas August 13 low surrounding $1480 holds the key to a drop towards $1450.

Meanwhile, an upside break of 4H 100MA level of $1522 could propel prices to $1535 and then in the direction to recent highs surrounding $1557. In a case where the quote rises beyond $1557, $1580 and $1600 will flash on the bulls' radar.

Join us on FB and Twitter to stay updated on the latest market events.