Gold – 20 EMA Holding As Dynamic Resistance | Jul 13

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Gold – Dynamic Resistance Holding, Watching Pullbacks (4hr chart)
After tagging a year high around 1375 last week, gold has sold off most of this week, dropping about $30 in the process. What is interesting to me in the price action is how we double-topped at 1375, then have since sold off impulsively.

Also of note is how the 20 EMA and dynamic resistance is holding the last two rally attempts. For now ST I’m bearish while structurally bullish while above 1250 on a weekly closing basis.

1307/1300 is the next major support level bulls will want to watch for longs while bears should keep an eye on 1375 for potential selling opportunities.

gold price action 2ndskiesforex

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