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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

GOLD: Finishing in the red but only slightly, as market movement remains rangebound

Short-term downside movement pressuring long-term bullish technicals.

GOLD Source: Bloomberg

Gold Technical analysis, overview, strategies, and levels

While there's positive long-term technical bias on the weekly overview and indicators, on the daily its neutral following another range-bound day, with the dollar under pressure in the forex market but gold (priced in dollars) failing to strengthen off of that, and where risk appetite hasn’t dipped. This is despite rising geopolitical tensions that usually aids the precious metal. From a technical standpoint, nearly all its main indicators are neutral, and where its price is now below all its main short-term moving averages (but still well above its 100-day and 200-day moving averages).

Current Technical Overview Consolidation - Positive Bias
Technical Overview Conformist Strategies Sell 1st Resistance After Reversal, Buy 1st Support At/Before Price
Technical Overview Contrarian Strategies Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above
S/L for 2nd Resistance 1515.0
2nd Resistance 1508.8
S/L for 1st Resistance 1502.7
1st Resistance 1496.5
Relative Starting Point 1484.2
1st Support 1471.9
S/L for 1st Support 1465.8
2nd Support 1459.6
S/L for 2nd Support 1453.4

IG client and CoT sentiment for Gold

Trend traders are getting tested on a lack of momentum, and hence small moves are starting to entice bigger range-trading, with yesterday’s small price drop taking retail bias 3% higher to a heavy long 73%.

GOLD Source: IG charts
GOLD Source: IG charts

Gold chart with retail and institutional sentiment

GOLD Source: IG charts
GOLD Source: IG charts

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