Tuesday, August 7, 2018

Gold - 07 August 2018

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Fundamental Highlights

Gold was set to test the $1204.60 yearly low but reversed to the $1206 level and proceeded above the $1210 level. This small rally came due to a pullback for the Dollar Index after it started the week on a positive note on the back of the NFPs on Friday. However, the elevated trade war tensions with China started to backfire on the greenback allowing Gold to pick some momentum.

Technical Analysis

It seems like a trend reversal is set to emerge after Gold prices printed a higher low with a divergence between the price and the momentum on the daily chart to back it up. If the price succeeds to break above the purple trend line, then we will have a confirmation of an uptrend and we will be focusing on the $1222 resistance level.

Support: 1205.73 1197.75
Resistance: 1214.15 1217

Chart (1H)
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