- Gold's immediate outlook is neutral with prices stuck in a sideways trading range.
- The next move depends on the direction in which the range is breached.
Gold is currently trading at $1,624 per ounce, representing a 0.30% decline on the day.
Despite the losses, the yellow metal is still trapped in a trading range defined by the consecutive daily candles with long wicks and small bodies created on Wednesday and Thursday.
A break above Thursday's high of $1,645 would imply the period of indecision has ended with a bullish breakout and could cause more buyers to join the market, yielding a rise toward resistance at $1,675.
Alternatively, acceptance under Thursday's low of $1,594 would confirm an end of the bounce from recent lows near $1,455.
The outlook will remain neutral as long as prices hover within Thursday's trading range.
|Today last price||1625.6|
|Today Daily Change||-4.54|
|Today Daily Change %||-0.28|
|Today daily open||1630.14|
|Previous Daily High||1644.54|
|Previous Daily Low||1598.08|
|Previous Weekly High||1561|
|Previous Weekly Low||1451.3|
|Previous Monthly High||1689.4|
|Previous Monthly Low||1547.56|
|Daily Fibonacci 38.2%||1626.79|
|Daily Fibonacci 61.8%||1615.83|
|Daily Pivot Point S1||1603.97|
|Daily Pivot Point S2||1577.79|
|Daily Pivot Point S3||1557.51|
|Daily Pivot Point R1||1650.43|
|Daily Pivot Point R2||1670.71|
|Daily Pivot Point R3||1696.89|
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