Gold Spot / U.S. DollarUpdated Gold inching higher. Daily close above 1248.55 could be key
After briefly testing sub 1200 levels last week, Gold quickly reversed its losses after Friday's NFP report. Monday/Tuesday was relatively flat but today's price action showing some early gains. Above 1248.55, 1260 remains the next key level to target.
But a pullback/correction is missing
To the downside, 1230 - 1220 levels could act as support. Forming a third consecutive low here (after 1199.55 and 1206.88) could signal a near term strength to the upside.
But a pullback/correction is missing
To the downside, 1230 - 1220 levels could act as support. Forming a third consecutive low here (after 1199.55 and 1206.88) could signal a near term strength to the upside.
Note
Gold prices rallied higher yesterday, rising to 1260 level. Today's price action could be decisive. A doji near this level could signal that investors could likely wait into the FOMC meeting. But that said, the 4-hour chart has formed a rising wedge pattern, a breakdown of which could see gold correct to 1230 - 1220 region of support. However, to the upside, not ruling out a risk of a test to 1268 - 1270 level. A close below 1260 is needed followed by a break of 1248.55 - 1250 for a dip to 1230 - 1220 support.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.