Gold could drop some more

[fxstrategist]

Gold may try to drop again during this week, but the 1063 level could act as a temporary support. To the upside, the 55 day exponential moving average, which is currently at the 1120 level could act as resistance in case gold retraces to the upside. But the Dollar stays strong and as long as the greenback holds on to its gains, it would be difficult for gold to rally.

 

[fxstrategist]

Gold has consolidated and it has created what it appears to be a triangle formation around current lows. The precious metal may continue dropping.

 

[fxstrategist]

Even though it has retraced to the upside, it may go and visit the low at the 1046 level once again.

 

[fxstrategist]

Gold bounces off to the downside from the 200 day EMA, the 1110 could be a support level, but it may try to go a little bit lower.

 

[fxstrategist]

Gold stays above the 200 week ema and it may continue higher, next resistance could be the 1300 level.

 

[fxstrategist]

Gold is direction less, but if the Dollar keeps losing strength, then Gold may rally towards the 1257 level.

 

[fxstrategist]

Gold stays around the 1229 level and the 200 Week EMA around the 1257 level could still act as resistance.

 

[victoriajensen]

Gold is testing 1260, if it breaks out above that resistance it will probably test the resistance at 1280 again.

 

[fxstrategist]

Possible bearish bounce on gold from the 200 week EMA, around the 1257 level.

 

[fxstrategist]

Looks like the left shoulder of a head and shoulders formation is being created on the weekly chart of gold.