Gold Rejects Newer Highs Again Despite Headlines - Tides Turning For The Precious Metal? (Technical Analysis)

Dean Popplewell
3.6K Followers
(4min)

Summary

  • Gold has bounced throughout the past week, supported by war headlines in the Middle East.
  • The precious metal had tested the key $3,450 psychological level and consolidated close to the highs.
  • The more volatile 4H 20-period moving average has become resistance, currently at $3,384 - any impulsive move above would invalidate any bearish scenario.

Gold Bars Sitting on Blue Bar Graph, Stock Market and Finance Concept.

hallojulie

By Elior Manier

Gold has bounced throughout the past week, supported by war headlines in the Middle-East; however, flows seem to change as the precious metal has failed to hold and break its intermediate $3,450 highs. Gold is now trading below the key $3,400

This article was written by

3.6K Followers
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.

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