Gold (1H) - short term bearish bias
Despite their best efforts, buyers could not maintain the bullish hype in the precious metal. The price is now breaking below the critical daily support level of 1460. Below that it is an opened door to 1420. On the hourly chart, the moving averages are diverging which suggests mounting pressure from sellers. The over-sold situation could trigger a short-lived reaction but we expect the MAs to contain any pullback around 1470s.
Key support: 1440
Key resistance: 1472
Despite their best efforts, buyers could not maintain the bullish hype in the precious metal. The price is now breaking below the critical daily support level of 1460. Below that it is an opened door to 1420. On the hourly chart, the moving averages are diverging which suggests mounting pressure from sellers. The over-sold situation could trigger a short-lived reaction but we expect the MAs to contain any pullback around 1470s.
Key support: 1440
Key resistance: 1472