13 Feb 2018
The ounce troy of the precious metal is extending the weekly upside and is now testing the $1,330 region, or daily highs.
Gold in 4-day tops
The offered stance around the greenback is pushing Bullion to test fresh multi-day tops around $1,330 on Tuesday, area coincident with the 10-day sma.
The US Dollar remains on the defensive so far this week and keeps erasing last week’s strong advance following a rebound in the demand for riskier assets.
In the meantime, the yellow metal is up for the second straight session and is already gaining around 2% since 5-week lows in the boundaries of the $1,300 handle seen on February 8.
Later in the week, the upside in Bullion should be put to the test in light of the publication of January’s inflation figures and retail sales in the US economy, all against the backdrop of a potential rate hike by the Federal Reserve at its March 20-21 meeting.
Gold key levels
As of writing Gold is up 0.51% at $1,320.40 facing the next up barrier at $1,335.25 (21-day sma) seconded by $1,351.07 (high Feb.1) and then $1,366.12 (2018 high Jan.25). On the other hand, a breakdown of $1,307.15 (low Feb.8) would open the door to $1,304.59 (55-day sma) and finally $1,294.46 (100-day sma).
Trading foreign exchange on margin carries high potential rewards but also high potential risks that may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience and risk appetite. Past performance is not indicative of future results, which can vary due to market volatility. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this website or linked to from this website are provided as general market commentary and do not constitute investment advice. AUSFOREX does not accept liability for any loss or damage, including any loss or profit, which may arise directly or indirectly from use of or reliance on such information.