Gold reached support for a second time this morning in the early hours after going to a low of $1,313. The precious metal is now trading at $1,318 and it appears that so far the support has been successful. The precious time Gold hit support was last week when the metal went to $1,310 and then skyrocketed to a high of $1,333 on the same day.
If this support holds for the long-term, we will see Gold attempting to go above the first resistance at $1,335. Second resistance is seen at $1,350 and then major resistance at $1,400. No major news are scheduled for today so we are in for a calm day with Gold gravitating towards $1,320-$1,315.
Chart: XAU/USD D1
Thank you for the helpful analysis.
ReplyDeleteI think it might test 1300 again.
ReplyDeleteI also believe it will decline below 1300.
ReplyDeleteIt is waiting for the FOMC tomorrow.
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteGreat analysis!
ReplyDelete