Gold price remained a significant uptrend and it started a solid upward move from the $1,238 swing low against the US Dollar. The price broke the $1,240 and $1,255 resistance levels to enter a medium term uptrend.
There was a proper close above the $1,260 resistance and the 50 hourly simple moving average. The price climbed above the $1,270 and $1,275 resistance levels. A high was formed at $1,279 and later the price corrected lower.
Sellers pushed the price below the $1,270 level and the 38.2% Fib retracement level of the last wave from the $1,253 low to $1,279 high. However, the price found support near the $1,265 level.
More importantly, there is a major ascending channel formed with support at $1,269 on the same chart. Besides, the 50% Fib retracement level of the last wave from the $1,253 low to $1,279 high. Should there be a downside break below the $1,266 and $1,265 support levels, there could be a strong downward move towards the $1,260 support.
On the upside, there is a major resistance at $1,279-$1,280, above which the price could move towards the $1,285 and $1,290. The next major resistance is near the $1,300 level.
RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.