FXOpen
Gold showed skyrocket movement from less than $1270 to more than $1335 in just few hours of the Asian session on Wednesday, increasing the price of yellow metal to multi-month high level. The technical bias is about to turn bullish as the precious metal looks all set to print a Higher High on the daily chart.
Technical Analysis
As of this writing, the yellow metal is being traded around $1321 an ounce. A support is being noted near $1302-$1300, the confluence of horizontal support as well as psychological number ahead of $1267, the intraday high of today and then $1246, another major horizontal support level as demonstrated in the given below daily chart.
On the upside, the precious metal is expected to face a hurdle near $1337, the intraday high of today so far ahead of $1343, the swing high of the last major upside rally and then $1350, the psychological number. The technical bias shall turn to bullish once the yellow metal breaks the $1343 resistance area.
US Elections
As of this writing, Donald Trump is only 26 electoral votes away from securing the 270 needed for victory. He is projected to win key battleground states of Ohio, North Carolina and Florida. Investors fear a Trump victory could cause global economic and trade turmoil and years of policy unpredictability, discouraging the Federal Reserve from raising interest rates in December as long expected.
Trade Idea
Considering the overall technical and fundamental outlook, buying the precious metal on dips, just around the above mentioned support levels, appears to be a good strategy at the moment.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
AUD/USD Consolidates Gains While NZD/USD Dips
AUD/USD is consolidating gains near the 0.6420 zone. NZD/USD is trimming gains and struggling to stay above the 0.5945 pivot zone.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
· The Aussie Dollar started a
An Important Bullish Pattern Forms on the NIO Share Price Chart
Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,
S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses