Gold: Consolidation N-Term Before Higher; $1793 Solid Support & $1910 First Resistance - ING

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12 November 2020

Gold: Consolidation N-Term Before Higher; $1793 Solid Support & $1910 First Resistance - ING

eFXdata reports that ING discusses gold technical outlook.

"The short-term consolidation within the long-term uptrend continues, with prices successfully moving above the horizontal support around USD/oz.1,858. A break below this horizontal support would not immediately be bearish, as the slowly rising EMA-200 line will offer next solid support at USD/oz.1,793," ING notes.

"First resistance comes in at the MA-50 line at USD/oz.1,910 and a close above the falling trend line around USD/oz.1,955 is necessary to confirm that prices have bottomed above the horizontal support around USD/oz.1,858," ING adds.

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