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Gold runs into strong support around 1250 technical analysis

Gold getting twitchy over Fed hike

The Fed theme is running rampant across markets today and gold is another asset that heads south when hike chatter heads north.

The 1250 area has been fairly decent S&R since Dec and the 38.2 fib of the Dec move higher sits there too.

Gold daily chart

What's also being noted is the break of the 200 dma at 1256. That's puts the price between two pretty narrow and well watched tech levels. A move back above the 200 dma would confirm the support there and may well be a base for some semblance of a retrace back towards 1300. If 1250 does break then that's where we should watch for resistance to build.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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