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FxWirePro: Gold trades below major trend line support, targets 1250 (Chart of the day)

Trend line support- $1273

 

Gold has broken trend line support and holding below that level for past 8 hours. This confirms major trend reversal and a decline till $1261/$1250 possible.

 

The yellow metal hits low of $1271.04 on Apr 18th 2019 and jumped till $1279.68 yesterday. The near term resistance is around $1281 (support turned into resistance) and any break above will take the yellow metal to next level till $1285/$1292.

 

On the lower side, any convincing break below $1271 will take the commodity to next level $1262.28 (16.18% fib)/$1250.

 

It is good to sell on rallies around $1273-74 with SL around $1278 for the TP of $1262/$1251.    

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2019-05-27 02:34:53
0m

May 27 01:30 UTC Released

CNSales Turnover

Actual

-3.7 Percent

Forecast

Previous

13.9 Percent

May 27 01:30 UTC Released

CNTurnover/sales cum Y/Y

Actual

-3.4 Percent

Forecast

Previous

-3.3 Percent

January 31 00:00 UTC 692897692897m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 692897692897m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 704717704717m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 692897692897m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 704717704717m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 692897692897m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 692897692897m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 692897692897m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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