Gold continues to struggle with $1,300 as key barrier holds action in place
- Precious metal balks at the prospect of picking a direction.
- Market sentiment remains frozen in place as traders await Trump-Kim developments.
Gold continues to remain capped under the critical 1,300.00 level as the precious metal has failed to generate a convincing uptrend following a bottoming out at 1,282.00 in late May.
The only event of note for Tuesday that is concerning global markets is the Trump-Kim summit currently taking place in Singapore, and market participants are waiting for fresh headlines from the meeting as two of the world's most volatile and unpredictable leaders attempt to hash out a trade/denuclearization deal behind closed doors.
Gold Technical Analysis
Gold is freezing beneath 1,300.00 as markets await a notable shift in market sentiment in either direction. Bullish momentum hasn't materialized, and bearish pressure is beginning to ride high on the charts.
Gold Chart, 1-Hour
Spot rate: 1,297
Relative change: -0.23%
High: 1,300.57
Low: 1,296,75
Trend: Flat
Support 1: 1,295.70 (S1 daily pivot)
Support 2: 1,293.80 (S2 daily pivot)
Support 3: 1,290.70 (S3 daily pivot)
Resistance 1: 1,301.87 (R1 daily pivot)
Resistance 2: 1,303.83 (R2 daily pivot)
Resistance 3:1,306.97 (R3 daily pivot)
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
