|

Gold support at $1474 is holding, with resistance at $1497 [Video]

Gold

The consolidation of the past seven sessions which has traded in a tiny range of $23 continues. Support at $1474 is holding, with resistance at $1497. There is a very slight negative drift given the pressure on supports in the run of lower highs. Also with the mild negative bias on momentum indicators (RSI slipping under 50, MACD lines a shade under neutral and Stochastics turning lower), this is pointing towards a test of the $1474 support. However, once more a close under $1481 which was an old support remains elusive. This has repeatedly been defended in recent months into the close and again in recent sessions. A mild tick higher into the close yesterday and holding today simply reiterates the consolidation. This is reflected in the hourly chart which shows RSI having just gone back above 60 for the first time in a few days, whilst hourly MACD lines are positioned around neutral again. A market desperately in need of a catalyst.

XAUUSD

Author

Richard Perry

Richard Perry

Independent Analyst

More from Richard Perry
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

EUR/USD posts modest gains above 1.1700 as ECB signals pause

The EUR/USD pair posts modest gains around 1.1710 during the early Asian session on Monday. The Euro strengthens against the Greenback after the European Central Bank left its policy rates unchanged and took a more positive view on the Eurozone economy, which has shown resilience to global trade shocks. Financial markets are likely to remain subdued as traders book profits ahead of the long holiday period.

GBP/USD gains ground near 1.3400 ahead of UK Q3 GDP data

GBP/USD gains ground after three days of losses, trading around 1.3390 during the Asian hours on Monday. The pair depreciates as the Pound Sterling holds ground ahead of the release of the United Kingdom Gross Domestic Product for the third quarter.

Gold sits at record highs, nears $4,400 amid renewed geopolitical woes

Gold is closing in on $4,400 early Monday, renewing lifetime highs, helped by renewed geopolitical tensions. Israel-Iran conflict and US-Venezuela headlines drive investors toward the traditional store of value, Gold. 

Top Crypto Gainers: Audiera, Midnight, MemeCore sustain weekend gains

Audiera, Midnight, and MemeCore recorded double-digit gains on Sunday and remain top performers over the last 24 hours. Audiera extends the rally while Midnight takes a breather, and MemeCore struggles at a crucial moving average. 

De-dollarisation by design: Gold’s partner in the new system

You don’t need another 2008 for the system to reset. You just need enough nations to stop settling trade in dollars. And that’s already happening. "If gold is the anchor, what actually moves value in a post-dollar world?” It’s a question most gold investors overlook. We think in terms of storage and preservation, but in the new rails being built, settlement speed matters just as much as soundness of money.

XRP rebounds amid ETF inflows and declining retail demand demand

XRP rebounds as bulls target a short-term breakout above $2.00 on Friday. XRP ETFs record the highest inflow since December 8, signaling growing institutional appetite.