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

Gold prices surged as the greenback hesitated after softer-than-expected U.S. CPI. The weaker inflation data dimmed the case for a high...


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

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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