Technical Analysis: Gold stays below 4-week-old resistance-line, 100-day EMA


Despite the latest trade protectionist measures from the US, coupled with political pessimism surrounding Hong Kong Act, Gold prices stay below near-term key resistance confluence comprising 100-bar EMA and a month-old falling trend line. As a result, prices could return to $1450 and the previous month's bottom close to $1445. However, any further declines below $1445 make the bullion vulnerable to visit 61.8% FE level of $1434.

Meanwhile, the safe-haven's rise above $1464.50/66 resistance area enables it to challenge late November highs near $1479 and 50% Fibonacci retracement surrounding $1482. Given the Bulls' dominance past-$1482, November 06 high around $1495 will be in focus.

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