February 13, 2019 | SQUARED DIRECT - Gold prices rallied back above the $1,310 level following a correction in the greenback's impressive bull trend. The correction came despite the US yields which remained elevated while US stocks added to the recent gains.
News that US-China trade talks are making progress and a deal in principle between the US Republicans and Democrats over 'the wall', decreasing the chances of another government shutdown.
Gold Price Technical Analysis
Gold prices edged higher as expected during yesterday's session above the $1310 level but remained capped below the $1313 level. The price is currently hovering around the $1312.38 resistance level after breaking above the upper band with an improved momentum.
The price needs to make its way above the $1315 to confirm the breakout so we can see another retest of recent highs. The level we will be watching is the $1320 level.
Support: 1307.09 / 1303.07
Resistance: 1312.38 / 1316 .78
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