Gold slightly above 50-SMA at $1205; Short Gold, Long-Dollar?
|Currently, Gold is trading at 1205.11, up +0.02% on the day, having posted a daily high at 1209.15 and low at 1198.68.
Not much has changed in terms of price for the precious metal during the NA session. Moreover, Trump's inauguration speech fails to impress investors and traders as no one rushed to hedge risk or to take more of it.
Nevertheless, it has been an important trading week for Gold bugs as they aimed to keep the metal above water; $1200 mark. Hence, as long as prices keep trading above such relevant level the case to experience further gains towards $1250-60 range is on the table.
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Technical levels to watch
In terms of technical levels, upside barriers aligned at 1210 (horizontal resistance) and above that at 1218 (next horizontal resistance). While downside barriers are at 1200 (near 50-SMA), 1181 (near 100-SMA) and below that at 1166 (200-SMA).
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