Gold Weakens Despite Weakness in Dollar – Technical Indicators in Play
The US dollar has a negative correlation with gold but this time the both of the trading instruments are acting strangely...
The precious metal GOLD edged up during the Asian session but dropped to give up the early morning gains. It’s been trading around $1,330 as investors are in a state of indecision.
Typically, the US dollar has a negative correlation with gold, but this time both trading instruments are acting strangely. The US dollar eased after the POTUS Donald Trump said he would delay a rise in tariffs on Chinese goods as trade discussions between the two countries were making headway.
Support Resistance
1322.11 1333.7
1316.07 1339.25
1304.48 1350.84
Key Trading Level: 1327.66
On the technical front, gold is facing a strong hurdle at $1,332 along with support around $1,324. Outside of this range, gold can reach $1,340 or $1,319 depending on the direction of the breakout.
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