The metal extended the rally on a 2nd consecutive day rejected at parallel resistance and 200dema. The parallel resistance seems at $1,170.00 and 200dema at $1,169, the metal made high at $1,169.00 closed at $1,163.50 levels. Gold hit a 3-month high, refresh highs since July 7.
Today at Asia’s session the metal fell 10$ lost 20&50dsma in hourly chart. The immediate support finds at $1,151.00. The trading pattern of AUDUSD and the precious metal looks similar during Asia’s session. Both the counters fell towards 100dsma in the hourly chart.
The world’s largest gold ETF – SPDR Gold Trust holdings steady at 687.20 tons from the previous day.
Trading resistance seems at $1,157.00 and $1,163.00 levels.
Trading support finds at $1,151.00, $1,146.00 and $1,141.00
The 100dema finds at $1,144.00 and 100dsma at $1,141.00. Until the price close above 100dsma buying on dips favors the trend. Refresh strength might get only above $1,171.00, until trading range available between $1,170.00 and $1,141.00.