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Forex

Gold price surges briefly to multi-year top of $1438.66

Squared Direct | Jul. 3, 2019
Gold price surges briefly to multi-year top of $1438.66

July 3, 2019 | SQUARED DIRECT - While US-EU trade tension and broad weakness in the global data continue to support Gold price, lack of fresh clues on the recently agreed trade truce between the US and China added strength in the yellow metal’s quote. Adding to that, data from top-tier economies have remained sluggish while highlighting the need for further monetary easing, which in turn push investors to risk safety. Furthermore, an explosion in Tunisia could also be spotted as an extra driver towards the precious metal.

Gold price technical analysis

Gold price surged during yesterday’s and today’s early session and tried to break above the previous week’s multi-year top of $1438.66 per ounce, but quickly retreated.

The price is currently holding above the $1422.59 support level and the momentum seems to be missing a little bit of traction. We will be focusing on the break out of the momentum above the purple trend line presented on the RSI chart for us to be watching the $1441.79 resistance level.

Support: 1422.59 / 1410.78
Resistance: 1435.81 / 1441.79

Chart (H4)

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