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Gold Prices Slide into Swing Support

Gold Prices Slide into Swing Support

2017-06-21 19:30:00
James Stanley, Currency Strategist
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Talking Points:

- Gold technical strategy: Long-term mixed, Intermediate-term bearish, short-term bearish.

- Gold prices have furthered the recent sell-off, finding near-term swing-support at the $1,240-level.

- If you’re looking for trading ideas, check out our Trading Guides.

- IG Client Sentiment is +3.38 in Gold, as of this writing, and this is a bearish indicator.

To receive James Stanley’s Analysis directly via email, please sign up here.

In our last article, we looked at the continued sell-off in Gold prices as another key support level gave way around the $1,249-level, which is very near the 50% Fibonacci retracement of the July-December 2016 major move. Sellers persisted throughout Monday and into Tuesday until, eventually, a quick iteration of swing support began to show around the $1,240 level in Gold prices. Another test of that level this morning was soundly re-buffed, and this gives us a workable short-term support level.

Gold Prices Slide into Swing Support

Chart prepared by James Stanley

Given the bearish nature of the longer-term setup, traders would likely want to incorporate this example of short-term support as a target for short-side plays after some element of resistance shows or, potentially, as a bottom-side breakout level. With price action moving back into the longer-term descending channel, traders would likely want to continue to move-forward with a downside bias applied to Gold prices. On the chart below, we’re looking at the descending channel that’s held the bulk of Gold’s price action over the past year, along with emphasis applied to the 50% retracement level.

Gold Prices Slide into Swing Support

Chart prepared by James Stanley

On the hourly chart below, we’re looking at three potential levels of resistance that can be utilized in order to look for the ‘lower-high’ in the effort of bearish continuation. If none of these levels come into play, traders can also look at bottom-side breakouts should a break of $1,240 take place.

Gold Prices Slide into Swing Support

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

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