GOLD: Finishing in the red but only slightly, as market movement remains rangebound
Short-term downside movement pressuring long-term bullish technicals.

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 chart with retail and institutional sentiment

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