Gold: Recovery from 2-week lows limited by $1330

Gold bounce from 2-week lows capped at $1,330/oz.
US Dollar lower against European currencies but up versus Yen.

Matías Salord FXStreet

The rally of the US Dollar eased on Tuesday allowing a rebound in gold. Earlier today, the yellow metal dropped to test 2-week lows but found support at $1,322/oz. It rebounded and moved most of the day with an upside bias. Recently reached $1,330.65 a fresh daily high.

The recovery was capped by the $1,330 area and it was trading at $1,328. Despite being unable to break above $1,330 the short-term tone points for some consolidation for the next hours, although the bearish tone still prevails.

Yesterday the price broke below an uptrend line from November lows and the slide accelerated. The potential for a test of the lower bound of the wide range ($1,307-$1,355) increased significantly after the $30 slide in just 3 days.

US Economic data released today on house prices had no impact on markets. The key report will be on Friday with the first estimate of Q1 GDP growth.

Technical levels

To the upside, resistance levels might be seen at $1,330 followed by $1,335 and $1,344. On the flip side, the immediate support could be located around $1,320. A break lower would expose $1,314 that protects $1,307.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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