Gold prices have found higher grounds following a drop in the Dollar on expectations of the Fed cutting rates. The DXY index was trading 0.4% lower Wednesday at 97.08. Gold prices had left a bullish pin bar on the charts. Overnight, the bullish engulfing candlestick was left and has been cementing a bullish outlook based on the price action.
The 20-day moving average supports but on a break lower, bears would target a 50% retracement of the April swing lows to late June swing highs around 1352. On the upside, however, bulls broke the 1410 level and marked 1418 tops. Bulls can look ahead to the 1440 key resistance which makes way for a continuation to the May 2012 lows at 1527.
|Today last price||1420.93|
|Today Daily Change||23.25|
|Today Daily Change %||1.66|
|Today daily open||1397.68|
|Previous Daily High||1399.9|
|Previous Daily Low||1386.34|
|Previous Weekly High||1436.2|
|Previous Weekly Low||1382.02|
|Previous Monthly High||1438.66|
|Previous Monthly Low||1306.18|
|Daily Fibonacci 38.2%||1394.72|
|Daily Fibonacci 61.8%||1391.52|
|Daily Pivot Point S1||1389.38|
|Daily Pivot Point S2||1381.09|
|Daily Pivot Point S3||1375.83|
|Daily Pivot Point R1||1402.94|
|Daily Pivot Point R2||1408.2|
|Daily Pivot Point R3||1416.49|
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