Tuesday, October 2, 2018

GOLD - 02 October 2018

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Fundamental Highlights

As the Dollar continue to attract buyers, Gold is still under pressure despite breaking above the $1190 level. The US dollar has been holding above the 95 handle with bulls leaning against both an optimistic and hawkish Fed supported by a stronger economy and higher yields. US equities continue to outperform leaving gold out of favor for the investors. On top of that, the updated NAFTA deal favored a risk-on environment on Monday which weighs on gold prices.

Technical Analysis

Gold gained a little traction during yesterday's and this morning session, as it broke above the $1190 level. The price is currently hovering just above the $1193.3 support level and its eyeing to reach the $1195.2 level before returning back to the $1190 due to overbought conditions.

Support: 1180.6 1177.69
Resistance: 1184.86 1188.8

Chart (H1)
GOLD

 
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