Gold is flashing green amid gains in the dollar index
|- Gold is on the defensive, possibly due to gains in the greenback.
- The metal may suffer deeper losses below key rising trendline support.
- China trade data could influence the dollar index and gold.
Gold is flashing red in Asia, possibly due to gains in the US dollar - gold's biggest nemesis.
At press time, the yellow metal is trading at $1,225 - down 0.25 percent on the day - and the dollar index (DXY) is reporting a 0.20 percent gain at 96.19.
Prices clocked a high of $1,236 yesterday as the greenback was offered in response to Democratic House. The equities, however, remained bid, helping the US dollar regain some poise. The combination of a recovery in the USD and risk-on action in the stocks likely pushed the metal back below $1,230.
Looking ahead, the trendline sloping upwards from the Oct. 9 low and Oct. 31 low could be breached if the China trade data, due in a few minutes, prints below-forecasts, pushing the DXY higher.
Gold Technical Levels
XAU/USD
Overview:
Last Price: 1224.44
Daily change: -1.6e+2 pips
Daily change: -0.133%
Daily Open: 1226.07
Trends:
Daily SMA20: 1227.93
Daily SMA50: 1212.41
Daily SMA100: 1207.17
Daily SMA200: 1244.95
Levels:
Daily High: 1236.6
Daily Low: 1222.7
Weekly High: 1237.6
Weekly Low: 1211.8
Monthly High: 1243.43
Monthly Low: 1182.54
Daily Fibonacci 38.2%: 1228.01
Daily Fibonacci 61.8%: 1231.29
Daily Pivot Point S1: 1220.31
Daily Pivot Point S2: 1214.56
Daily Pivot Point S3: 1206.41
Daily Pivot Point R1: 1234.21
Daily Pivot Point R2: 1242.36
Daily Pivot Point R3: 1248.11
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