Tuesday’s Technical Outlook For Gold (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