Tuesday, July 31, 2018

Gold - 01 August 2018

  • Dollar
  • Gold

Fundamental Highlights

Gold prices bounced after dipping below the $1217.40 support level and all the way till $1214 level, after the US Dollar failed to hold grip to its bullish momentum letting the yellow metal to close in green. The dollar index tumbled after the annual core-PCE Price Index, came in at 1.9% to miss the market expectation of 2% but we all await today's FOMC meeting to see if the Fed will raise the rates 2 times this year.

Technical Analysis

Gold's choppy price action will continue today but we will wait and see if the price will break and hold above the $1222 support level to allow the momentum to pick up again so we can focus on the $1233 resistance level.

Support: 1222.20 1217
Resistance: 1228.5 1235

Chart (1H)