Daily Technical Forecast: Gold

Gold held below the 50-days simple moving average. However found support at 1195.00. An upside pullback and retest to the 50-days simple moving average is likely in the short term. However, the price may find new selling pressures from that area, as it’s a previous swing low (horizontal resistance) around 1218.00-1220.00.

Short term scenarios:
Bearish from 1218.00 towards 1195.00 and 1180.00. Risk limit above 1228.00

Short term key support and resistance
1205.00 1195.00 1188.00
1210.00 1215.00 1218.00