gold retreats from one month high 443072015
<p>Gold (daily chart shown below) has retreated in the past two trading sessions after hitting a one-month high of 1224 on Monday. That high traded […]</p>
Share this:
Gold (daily chart shown below) has retreated in the past two trading sessions after hitting a one-month high of 1224 on Monday.
That high traded briefly above the 200-day moving average. Gold had not previously traded above this key moving average for two months, since early February.
For the past three weeks, the metal has seen a sharp rise from its year-to-date low of 1142 that was hit in mid-March. That low was a clear re-test of the same low from November of last year, and just slightly higher than its earlier multi-year depth of 1131.
Having recently gained some ground from its long-term lows, gold is currently trading within a short-term bullish trend and could push further to the upside despite the noted pullback in the first half of this week.
With major support continuing to hold ground around the key 1180 level, the next major upside targets reside around the 1240, 1265, and 1300 levels.
Related tags:
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.