Pre-Fed Yellen speech Gold forecast from ADS Securities draws traders’ attention to the recent moves by this precious metal. What is your projection?
27 June, ADS Securities – The precious metal recorded a sharp decline in the last session and finished at $1246.30, after making a low at $1241.60, led by a stronger greenback.
Pre-Fed Yellen speech Gold forecast
Currently, Gold is trading a positive showing on the 1H chart, reflecting the presence of bullish momentum in the coming session. Likewise, the MACD indicator is directing towards the north, further endorsing the above stance. Key short-term resistance is located at the $1248 level where EMA 55 is trading, followed by the $1250 and $1253 where EMA 200 is placed.
A break and stability above the latter might lead to positivity in the yellow metal. On the other hand, key technical support is positioned at the $1242 level, followed by the $1239 and $1236 levels. A breach below the latter might trigger a further acceleration to the downside.
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