The precious metal holds the support zone erased the Tuesday’s losses closed at $1,093.25 levels. Today at Asia’s session, the metal unable to breach the previous day’s high trading at $1,092.35 levels.
“We would caution that ‘safe-haven’ rallies in bullion tend to be short-lived, as [recent] price action attests,” Jonathan Butler at Japanese conglomerate Mitsubishi told
Commerzbank technical analyst Karen Jones said she would remain bullish on the metal if gold held above the widely cited support level of $1,088 an ounce – but it has not.
“It will be interesting to see if gold can manage to recover above $1,100 after rebalancing-related selling abates later this week. The reluctance to get involved suggests that not many participants have managed to catch the leg higher in gold so far this year,” UBS analyst Joni Teves said.
ABN AMRO believes that in the case of the dollar, market sentiment improved and US bond yields rise, the price of gold will decline,
But the bank believes that the 3 end of the month the price of gold is unlikely to fall previously expected 975 dollars / ounce level, so the bank raised the 3 end of the price of gold is expected to $1,050 US dollars / ounce level, reported by Goldtoutiao.
Since six hours, the metal has been facing strong resistance at $1,095.50 whereas, 100sma in the h1 chart seems at 1096.00 and earlier swing high seems at $1,099.25 levels.
Bullish bias: Remains above 20&50 dsma
Trading above hourly moving averages except 100sma in the h1 chart and 20ma in the h4 chart
Respects the parallel support zone
Trading below trading resistance zone seems between $1,096.00 and $1,099.00
Must breach above earlier swing high $1,099.25
Trading support finds at $1,091.00, $1,088.00 and $1083.00