-
Gold failed to break the roof as bears hammered the metal at $2529.
-
Profit booking pushes Gold to $2500.
-
$2500-$2490 is immediate support zone which bulls may decide to defend.
Today's early asian session witnessed sharp upmove in Gold which reached $2529 and was quickly followed by profit booking which started downward push to reach $2500 before the US session begins.
Yesterday's improved CB Consumer Confidence has taken its toll on the yellow metal and markets are looking for more clues from tomorrow's upcoming Initial Jobless Claims as well as GDP numbers that may drive some triggers for Gold short term range.
On the other hand, tensions in the middle east keep risk element on the horizon which indicates buyers are on the look out for buying every dip.
There is a possibility that the bulls may resurface at the test of $2500 and on dips around $2490 in anticipation of bullish rally to resume for retest of $2516-$2529.
If $2516-$2529 is cleared, the rally may extend to $2556.
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
Recommended Content
Editors’ Picks
EUR/USD strengthens above 1.1600 on risk-on mood
The EUR/USD pair edges higher to around 1.1615 during the early European session on Wednesday. The improved risk sentiment provides some support to the Euro against the Greenback. Traders will take more cues from the Federal Reserve’s Chair Jerome Powell testifies later on Wednesday.
GBP/USD holds gains above 1.3600 due to improved risk appetite
GBP/USD extends its winning streak for the third successive session, trading around 1.3620 during the Asian hours on Wednesday. The pair is hovering around 1.3648, the highest since February 2022, which was recorded on Tuesday. The risk-sensitive GBP/USD pair receives support from the improved risk appetite amid easing tensions in the Middle East.
Gold price struggles to lure buyers as easing Middle East tensions offsets weaker USD
Gold price edges higher as Fed rate cut bets keep the USD bulls on the defensive. Doubts over the durability of the Israel-Iran ceasefire also support the commodity. Traders look forward to this week’s important US macro data for a fresh impetus.
Bitcoin, Ethereum and Ripple eye key breakouts
Bitcoin price continued to trade in green on Wednesday, having risen 5% over the previous two days. Ethereum and Ripple followed BTC’s footsteps and rallied, approaching their key resistance levels, where a breakout would suggest further upside moves.
Could Iran block the Strait of Hormuz? Why Oil is on edge after US strikes
As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.