Gold spot ($) Intraday: The bias remains bullish
Pivot (invalidation): 1458.00
Long positions above 1458.00 with targets at 1466.50 & 1469.00 in extension.
Below 1458.00 look for further downside with 1453.50 & 1450.00 as targets.
The RSI is mixed with a bullish bias.
How Far Will Gold Reach Before the Upcoming Reversal?
Just when most traders thought that the previous week is going to end in the red for gold, something exceptional happened. The USD Index reversed after rallying, and gold rallied sharply in response. In the end, gold ended the week in the green by forming a clear weekly reversal.
That was actually the second weekly reversal that we saw recently. Why is this important? Because of what happened shortly after we saw the opposite of it not so long ago. Read more…
Gold: Back in the red around $ 1460 amid USD comeback
Gold failed to capitalize on its recent recovery and fell back into the red zone on Tuesday, in response to the broad-based US dollar come back from weekly lows amid a bounce in the US Treasury yields. At the press time, the yellow metal trades near daily lows of $ 1459.92, down 0.20% so far.
The spot rallied nearly $ 10 on Monday after the US dollar was dumped across its main competitors on downbeat US ISM Manufacturing PMI and President Trump’s currency jawboning.
However, the recovery lost legs near 1465 levels, a surprise upturn in the Chinese manufacturing sector eased China’s economic slowdown fears and acted as a drag on the safe-haven gold. Read more…