XAUUSD, H1
For now, at least, Gold has rolled over from yesterday’s attempt at $1325.00, as the flurry of bids that followed Friday’s rate curve inversion has cooled and the market becomes more circumspect on chances of a US recession anytime soon. At least for today. The H1 time frame triggered lower at 07:00 GMT at $1319.80 on confirmation of the 20-period moving average and psychological $1320.00 being breached and broken. T1 was $1317.83 and T2 remains at $1314.88 (below the key $1315 level), and the initial stop-loss at $1322 marked the turn lower. The daily pivot point at $1319 and the 20-period moving average at $1320 are key resistance areas to a move higher. Below $1315, S1 sits at $1313.40. Short term Stochastics are now in the oversold zone with RSI 40 and descending.
Stuart Cowell
Head Market Analyst
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