Tuesday’s Technical Outlook For Gold (GLD)

Tuesday’s Technical Outlook For Gold (GLD)

Tuesday’s Technical Outlook For Gold (GLD)

$GLD

Spot Gold marked a modest gain Monday to 1,242.23 before settling at 1,237.00 oz, as broad dollar’s weakness and stocks soft tone supported demand for the safe-haven asset.

Trading was light ahead of the FOMCs meeting Tuesday and Wednesday.

The precious Yellow metal is set to consolidate in here.

The daily show us a Neutral stance, as the technical indicators hang around their mid-lines, and the price is stuck at the horizontal 20-Day SMA. Also, the price remains above a daily ascendant trend line coming from the 10 February low at 1,181.46, today at 1,222.30, the level to break to confirm a steeper decline.

In the 4 hours, Gold’s price failed to advance above its moving MA’s, with the 20-Day SMA maintaining a strong Bearish slope and resistance at 1,242.80, the technical indicators have recovered some within Bearish territory, flat, and lacking directional strength.

Support marks: 1,222.30 1,214.80 1,206.90
Resistance marks:1,242.80 1,251.70 1,262.60

Stay tuned…

Paul Ebeling

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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