Gold during the Asian session on Friday 7th April, 2017 spiked to the upside as a result of the airstrike by US on Syria. The spike saw the price of the precious metal reached a session high of $1270.66 per ounce.
Gold could not continue in the upside momentum as it ended the trading day at $1253.98 to close below key resistance level of $1263.
The day ended with an inverted hammer and a negative divergence between price and MACD.
The precious metal in the coming sessions may be eyeing a key support level at $1240. A break below this level would see a steep downtrend towards $1200 while on the other hand, a movement above $1263 with a daily close would see the metal eye key resistance at $1306 per ounce.
Gold could not continue in the upside momentum as it ended the trading day at $1253.98 to close below key resistance level of $1263.
The day ended with an inverted hammer and a negative divergence between price and MACD.
The precious metal in the coming sessions may be eyeing a key support level at $1240. A break below this level would see a steep downtrend towards $1200 while on the other hand, a movement above $1263 with a daily close would see the metal eye key resistance at $1306 per ounce.
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