GOLD
Gold is trading below the $4,245 resistance level, and prices are likely to break above it to target the $4,365 level. This scenario becomes invalid if the $4,120 support level is broken to the downside during today’s session.
|
Support |
4120 | 4000 |
| Resistance | 4245 |
4365 |
Gold saw a significant pullback during today’s trading, influenced by rising US Treasury yields and a stabilizing dollar following a recent period of weakness. The move appeared largely corrective in nature, as the price gave up part of last week’s gains and moved away from the six week highs it had recently tested.
Fundamental market factors supported this performance, as interest rate expectations remain volatile amid continued caution ahead of US inflation data and developments regarding the Federal Reserve chairmanship. This prompted some capital to temporarily exit defensive assets. However, the medium term trend remains positive as long as gold continues trading above its monthly moving average, while any rebound above $4,240 could quickly reignite buying momentum.
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