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Trading Central: Further Drop in Gold Expected -- Market Talk

1 Jun 2018 8:21 am

0821 GMT Gold is under pressure below its key resistance level at $1,303, which should limit the upside potential, on the 30-minute chart. A new test to its next support level at $1,295.75 seems more likely to occur. Currently, the prices are capped by a declining 50-period moving average. The MACD is below its 0-level. The RSI stays below its neutrality level at 50 and lacks upward momentum. As long as $1,303 holds on the upside, look for a drop to $1,295.75 and even to $1,292 in extension. Alternatively, only a break above $1,303 would turn the outlook to bullish and bring a rebound with $1,306.75 as a target. Gold is trading at $1,299.5 an ounce. [This piece contains the opinions of Trading Central and does not constitute personalized investment advice or form part of any invitation or inducement to buy or sell any security. The author has been prohibited by Trading Central from purchasing or otherwise directly or indirectly acquiring any direct or indirect beneficial ownership of any instruments or markets for which Trading Central or its affiliates issues recommendations. To read more, visit bit.ly/1MehCU9.] (analysts-europe@tradingcentral.com)
 

(END) Dow Jones Newswires

June 01, 2018 04:21 ET (08:21 GMT)

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