- The Yellow Metal has been trading sideways for nine consecutive weeks.
- Gold is being supported above 1,182.90 support. Gold is keeping the range intact as bulls will try to reach 1,211.17 July 19 low. The RSI, MACD and Stochastic indicators are constructive to the upside.
- However, a bear breakout below 1,182.90 can send gold to 1,172.82 (current 2018 low).
Rate: 1,189.74
Relative change: 0.02%
High: 1,191.41
Low: 1,185.37
Main trend: Bearish
Short-term trend: Bullish
Resistance 1: 1,189.49 September 4 low
Resistance 2: 1,194.30 March 10, 2017 low
Resistance 3: 1,204.10, August 3 swing low (key level)
Resistance 4: 1,211.17 July 19 low
Resistance 5: 1,214.30 August 28 high
Resistance 6: 1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 7: 1,225.90 July 17 low
Resistance 8: 1,237.60 July 3 swing low
Support 1: 1,182.90 August 24 low
Support 2: 1,172.82 current 2018 low
Support 3: 1,145.20 March, 1 2017 low
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD fluctuates near 1.0700 after US data
EUR/USD stays in a consolidation phase at around 1.0700 in the American session on Wednesday. The data from the US showed a strong increase in Durable Goods Orders, supporting the USD and making it difficult for the pair to gain traction.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.