Gold Technical Analysis – Price breaks below 200-bar MA on 4H as momentum shifts lower ...Middle East

A close - and staying below this key trend-defining level - would confirm weakening bullish control and open the door for deeper corrective movement.

$3167.74 – the swing high from April 3> The low has reached $3173.85 so far

$3129.26 – the 38.2% Fibonacci retracement of the rally from the November swing low

For bulls to regain control, a move back above the 200-bar MA near $3,249 would be needed to neutralize the immediate bearish bias.

Resistance: $3,249 (200-bar MA), $3,306 (recent swing high zone)

Bias: Bearish below 200-bar MA; neutralizing only above $3,249

This article was written by Greg Michalowski at www.forexlive.com.

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