Gold climbed up to over $1,347 per ounce after the U.S. dollar slipped against other currencies. The American currency dropped to a one-month low slightly below 82 after extending a broad decline for a third session. Investors are probably wondering if it will drop any further.
Gold is now trading now with a positive rally around $1,325-1,345 range. Positive job data with rise in Chinese demand impacted gold prices.
The commodity has twice failed at 1,348.7 levels and retreated to 1,330 levels. 1,350 appears to be a crucial point for gold, since 1,300 and 1,350 levels remain psychological levels for the traders.
Gold is following a rising wedge pattern which indicates a bullish breakout scenario, breaking the pattern may witness steady decline to 1,300 levels or it may rally towards 1,250 levels. Traders are advised to stay on sideline and observe short term variation in gold.
On charts, gold is showing positive phenomenon. MACD and P-ROC (Rate of Change) is at bullish territory. RSI is positive with stochastic at overbought levels.
Short covering at 1,310 levels may witness slight uptrend in the near term. The overall trend remains bullish for gold.
U.S (COMEX division) Gold August short term: Bullish
Support: 1310, 1300
Resistance: 1350, 1360
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Gold: $1,350 Appears Like A Psychological Point
Published 07/26/2013, 07:04 AM
Updated 05/14/2017, 06:45 AM
Gold: $1,350 Appears Like A Psychological Point
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