8 Hourly Chart
Price has reached 1,735 support turned resistance after bouncing from 1,675. Stochastic indicator has also climbed higher almost hitting 100.
5 Min Chart
On the 5 min Chart, rally appears to have stalled around 1,730 – 1,738, with the recent swing high just 15 mins ago unable to touch the earlier swing high, hinting that bullish momentum may be very stretched right now.
Gold holdings has also reached record highs, hence the failure to breach 1,735 significant resistance will have added implications. However, we should still be alert for any Central Bank intervention that could propel Gold prices even higher amidst a risk off environment.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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