Gold: Mildly positive around $1556 despite trade/political optimism
Gold prices extend the recent recovery from $1,555 while taking rounds to $1,556.80 during the Asian session on Thursday. The precious metal seems to concentrate more on the US dollar (USD) weakness than trade/political headlines that have been positive off-late.
Following the successful phase-one deal signing in ceremony, China’s Vice Premier Liu He recently crossed wires while saying that it was the correct choice for the US to remove China from the currency manipulator list.
|Today last price||1556.36|
|Today Daily Change||0.08|
|Today Daily Change %||0.01|
|Today daily open||1556.28|
|Previous Daily High||1558.1|
|Previous Daily Low||1546.1|
|Previous Weekly High||1611.3|
|Previous Weekly Low||1540.3|
|Previous Monthly High||1525.1|
|Previous Monthly Low||1454.05|
|Daily Fibonacci 38.2%||1553.52|
|Daily Fibonacci 61.8%||1550.69|
|Daily Pivot Point S1||1548.88|
|Daily Pivot Point S2||1541.49|
|Daily Pivot Point S3||1536.88|
|Daily Pivot Point R1||1560.89|
|Daily Pivot Point R2||1565.5|
|Daily Pivot Point R3||1572.89|
Gold Price Analysis: Flag breakout suggests scope for a rise to $1,562
Gold is again looking north and could challenge resistance at $1,562. The yellow metal 0.64% and closed at $1,556 on Wednesday, confirming a bull flag breakout on the daily line chart. The pattern indicates the pullback from recent highs has ended and the rally from lows below $1,450 observed in December has resumed.
The flag breakout has opened the doors for a convincing move above the recent closing high of $1,573. However, on the way higher, the yellow metal will encounter resistance at $1,562 (Jan. 10 close).
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