Gold tests 200 day SMA

Wednesday, 17/05/2017 | 12:46 GMT

Disclaimer

Gold prices are admittedly being driven by fundamentals but we’re on the cusp of taking out the 200 day moving average and success here would pave the way for a move up to the late April resistance around $1270 then previous highs just below the $1300 mark.

EUR/GBP is currently testing resistance at the 61.8% retracement of the March-April sell-off. Breaking above this is proving to be something of a challenge but if successful, late March resistance around 0.8650 would seem to be the next obvious target.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice

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Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/gold-tests-200-day-sma/?camp=24219

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