Gold - Holding Gains But A Few Big Tests Lie Above - MarketPulse

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Stalling at $1,960
Key fib levels remain a big test

Gold is also trading marginally higher today and struggling around a notable resistance level, $1,960.

It broke through $1,940 yesterday on the back of the inflation numbers and has now entered retracement territory where a few key levels will be put to the test.

From a technical standpoint, those are the 38.2%, 50%, and 61.8% Fibonacci retracement levels – May highs to June lows – which happen to fall around $1,960, $1,980, and $2,000, respectively.

Gold Daily

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A break of these may indicate that gold is back in bullish territory, although the price may face some resistance in the interim.

A look at the 4-hour chart supports the more bullish view in gold but there is scope for corrective moves along the way. We’ve seen some consolidation since breaking $1,940 – which also saw the price break above the 200/233-period simple moving average band. Price has been quite responsive to this in the past.

If the price does pull back a little, it will be interesting to see whether it tests $1,940 from above, with a rotation off here viewed to be confirmation of the initial breakout and a bullish signal. Especially with it coinciding with that SMA band.

Zlata 4 ure

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Craig Erlam s sedežem v Londonu se je OANDA pridružil leta 2015 kot tržni analitik. Z dolgoletnimi izkušnjami kot analitik in trgovec na finančnih trgih se pri izdelavi makroekonomskih komentarjev osredotoča na temeljne in tehnične analize. Njegovi pogledi so bili objavljeni v časopisih Financial Times, Reuters, The Telegraph in International Business Times, pojavlja pa se tudi kot reden gost komentator na BBC, Bloomberg TV, FOX Business in SKY News. Craig je polnopravni član Društva tehničnih analitikov, Mednarodna zveza tehničnih analitikov pa ga priznava kot certificiranega finančnega tehnika.