Gold gains support on weaker dollar – What to expect today?

Posted Friday, September 14, 2018 by
Arslan Butt • 1 min read

Gold prices surged as the Greenback hesitated after softer-than-expected U.S. CPI. The weaker inflation data dimmed the case for a high-speed pace of policy contracting by the U.S. Federal Reserve. The ongoing trade war between China and the U.S. is also diminishing the rate hike sentiment and causing a bullish impact on gold.

Speaking of technicals, gold is trading bullish at $1,200 after placing a high of $1,212. The technical indicators are suggesting buying trades in gold, especially the upward trendline and 50- periods EMA. both are providing a strong support to gold near $1,200. The immediate resistance is likely to be at $1,208 and $1,211.

Support Resistance
1196.3 1212.21
1186.54 1218.36
1170.63 1234.27
Key Trading Level: 1202.45

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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