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Gold News and Analysis : The intraday technical outlook

Gold yesterday traded under the 1209.00 level and its channel bottom.

The move beneath the 1209.00 level also breached the prior isolated low and has resulted in a change of trend from up to down.

I am this morning monitoring the price action for a continuation of the move lower and a break beneath the 1192.00 support level.

Alternatively a failure breach of this support zone could see Gold trade back up to the 1215.00 resistance level.

From a technical perspective Gold is trading in an intraday 1 hour down trend with the line of control at the 1215.00 level.

Gold Chart

Gold Chart

Source : ACFX Forex Broker

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