With geopol tensions easing, gold prices have continued to pullback and this morning brought the first re-test of $3300 in a couple of weeks. So far, that support has held and with the Fed talking up rate cut potential even in light of higher inflation projections, that's a factor that could contribute to bullish moves in gold. The bigger question is price action related, however, and whether the build of short-term higher-lows at $3300 earlier today can lead to a larger tide of strength.
The prices of $3325.60 and $3350.02 are both key short-term resistance levels, and if bulls can power through that, the door opens for re-tests of $3400 and then $3435.
On the underside of prices, the $3250 level was a key swing of support as taken from prior resistance, and that's the next major spot below. - js
The prices of $3325.60 and $3350.02 are both key short-term resistance levels, and if bulls can power through that, the door opens for re-tests of $3400 and then $3435.
On the underside of prices, the $3250 level was a key swing of support as taken from prior resistance, and that's the next major spot below. - js
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.
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.