Ryan_Gorman

Gold Bouncing from Oversold Territory

COMEX:GC1!   Gold Futures
Gold has had a great start to the quarter, grinding through 1700 and now pushing against resistance. We saw Gold close right at 1734.7, and the 50-day moving average is right above at 1736.5, along with the gap from July 27th acting as overhead resistance. A main catalyst for this move was the pullback in the Dollar, and if we see continued weakness , Gold can push through this gap and look to test the 1750 level. If the Dollar can rally back toward its highs, then we will look to re-test new support near 1700-1705.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.