Gold Weakens Despite Weakness in Dollar – Technical Indicators in Play

Posted Monday, February 25, 2019 by
Arslan Butt • 1 min read

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.

Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments