yoCryptoManic

Gold Still in Bart Pattern, Struggling in $1190-$1205

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD Technical Overview:

Pivot: 1193.70

Key Resistance: 1197.45 - 1200.25 - 1203.59 - 1207.89

Key Support: 1193.70 - 1190.55 - 1188.10 - 1184.22

Day Trading Range: 1186 - 1204

Technical Indicator:

RSI: Indicator shows down side momentum, moving around below 50 level.

MACD: MacD loosing bulls side power.

Moving Average: SMA 55 (1200) & SMA 200 (1198) both are strong resistance for Gold today.

Technical Trade Idea:

Most Likely Scenario: long positions above 1193.70 with targets at 1200.45 & 1204.55 in extension.

Alternative scenario: below 1193.70 look for further downside with 1190.25 & 1187.25 as targets.

Overall, Gold is still range bound with support levels lined up at 1193.90, 1192.70, 1189.50 and 1187.50. Technically, the trigger point for an acceleration to the downside is 1187.50. This is because under this level, there is no support until $1167.10. If buyers continue to come in to defend 1193.90 to 1187.50, then this could generate enough counter-trend momentum to fuel a rally into 1205.90 then possibly 1215.10.

Gold futures closed lower on Wednesday mostly in reaction to the Fed’s widely expected rate hike. However, there was a little improvement late in the session after the initial reaction to the news as traders interpreted the Fed’s monetary policy statement and comments from Fed Chair Jerome Powell as dovish.

Gold could pick up a bid on Thursday if investors continue to price in a dovish Fed. Furthermore, the market could get support from lower Treasury yields, a softer U.S. Dollar and a drop in demand for higher-yielding assets.

Thanks
YoCryptoManic
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