29/04 Gold jumped up to a high of 1,215

290415 XauUsd Daily

Gold jumped up to a high of 1,215 as the precious complex had another solid day against a weakening U.S. dollar. The precious metal climbed 1.1 percent to a three-week high at 1,215 on Tuesday after data showed that U.S. consumer confidence dropped in April to its lowest since December. On its best one-day advance observed on Monday, prices could continue to push higher more follow-through short covering and bargain hunting pull back  demand for the precious bullion. With no major news in the lead up to the FOMC statement release tonight, trading in the precious complex is expected to be subdued.

290415 XauUsd H4

Holding at the 1,200 handle, chart consolidation is featured in early trading session as price break briefly below the 23.60% Fibonacci Retracement mark (following the solid price gains witnessed on Monday). The crossing over of the London session had prices drifting slowly before later session saw the precious metal spiking up above 1,210. Technically, the Gold bulls have now taken over the bear after Monday’s solid gains as Candlestick is trading firmly above the lines of 20, 55 & 200 MA. Having said that, the yellow metal has to produce a close above solid technical resistance at 1,225, only to quell any rumours of relief rally. Conversely, first support is seen at 1,200.

290415 XauUsd H1

Pushing moderately higher in late trading on Tuesday, Gold is holding its gain into the close as more follow-through short covering and bargain hunting was observed. The boost came on the back of extending U.S. dollar index losses and disappointing data figures. Given the new breathe life into the yellow metal, candlesticks is firmly placed above the 20, 55 & 200 MA lines which adds on to the string of positive technical momentum . However, all eyes will be on the FOMC statement release later today on hopes of some hints on when the Fed will raise interest rates.

Trend Direction
Slightly Bullish 1,193 1,200 1,208 1,222 1,233 1,245

Share Your Opinion, Write a Comment