Gold Recovers Near $1,980 as US Dollar Weakens
Gold prices made a recovery from recent losses, trading above $1,980 during Tuesday's Asian trading session. The precious metal found support as the US Dollar adjusted, possibly due to a decrease in US Treasury bond yields. Gold continues its 'buy on the dip' trend, with the 14-day Relative Strength Index (RSI) signaling overbought conditions at 69.20.
Immediate resistance levels are seen at yesterday's high of $1,983, with attention on the July 20th peak of $1,988. Buyers targeting the highest level in five months at $1,997 will look to breach the $2,000 psychological barrier.
Furthermore, if the adjustment from recent highs continues, Gold sellers would need to consistently break the previous day's low of $1,963 to test the psychological level of $1,950.
The final line of defense for Gold buyers is set at the October 19th low of $1,945.
Immediate resistance levels are seen at yesterday's high of $1,983, with attention on the July 20th peak of $1,988. Buyers targeting the highest level in five months at $1,997 will look to breach the $2,000 psychological barrier.
Furthermore, if the adjustment from recent highs continues, Gold sellers would need to consistently break the previous day's low of $1,963 to test the psychological level of $1,950.
The final line of defense for Gold buyers is set at the October 19th low of $1,945.
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