Detailed FX Market Outlook and Analysis

Gold Daily Analysis

Gold is currently trading above the $1800 mark after a relatively sideways movement during the past two days. The intraday support levels are at $1793 and $1784. The near-term resistance areas are at $1809 and $1817.

The uptick in the US dollar seems to be slowing down with the US dollar index currently at 96.62. On the intraday charts, a bullish momentum above the $1800 mark is once again building up. The SMA-14 resistance line is at $1833 while the SMA-50 support line is now at $1790. The RSI is at 46 and has an upwards curve while the MACD remains above the middle line and indicates a bullish trajectory. Considering an upcoming USD correction and analyzing Gold’s intraday price pattern the yellow metal is likely to end the week on the higher side which makes it ideal for buying entries near $1800 with a target of $1812 and a stop-loss at $1789.

The complete resumption of the uptrend is yet to be established and a weekly closing above $1800 would be a vital indication for that. Meanwhile, the Gold is likely to remain tightly range-bound within $1790 and $1814.

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