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The intraday technical outlook
Gold is aiming to retracing from a two-month high, which the metal reached this morning.
Gold needs to hold below 1124.27 level, being the intraday Pivot Point if the price action is to continue the downward move.
The initial downside target is 1115.00, being the Daily Average True Range (ATR) downside projection level of today. Should this aim be reached, a further extension to 1109.78, which the commodity’s 2nd pivot support level could occur next.
If the metal fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.
If this scenario was to occur, the target for today is 1139.00, which is the metal’s Daily Average True Range (ATR) upside projection level of today.
Gold Chart
| Resistance 1 | Resistance 2 | Support 1 | Support 2 |
| 1133.46 | 1139.00 | 1118.97 | 1109.78 |
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