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Gold Has New Resistance At $1,360

ByAdmirals
Published 09/30/2013, 07:02 AM
Updated 01/31/2022, 02:45 AM
GC
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Gold had an excellent Friday, which helped the sellers deny the short-term sell signal on this metal. Bulls managed to pull prices above the 1,330 USD/oz., which was an important S/R level in the previous week. Currently, the price is aiming for the mid-term downtrend line (green), which is supporting bears since the end of August.
GoldThis seems like a good place for opening short positions, especially if we consider the H4 candle from the beginning of the week; which is a perfectly shaped shooting star. Breaking this line is least expected.But when it happens, it should have a massive impact on Gold; triggering all the stop losses from the short positions—causing the Gold to rally upwardseven more. This scenario is supported by the lower black line, which has been helping the price to go higher since the 18th of September. The second important support in the mid-term is 1,330 USD/oz. as mentioned earlier.

Apart from the green downtrend line, the next resistance is at $1,360 USD/oz., and this area should be the first stop if the price decides to break the green bearish line. Currently, the chances are bigger for the sellers, but the situation is not as clear as it was a few weeks ago.


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