The price of gold remains in a sideway range. During yesterday’s session, the price of gold fell to the level of 1260.38 but buyers managed to hold the important level.
According to experts, god could gain 15% towards the end of the year as markets have already priced in an upcoming interest rate hike in the US. The pace of tightening will remain slow which will smooth the pressure from the strengthening Dollar.
This week investors are waiting for data on the US GDP that could give them clues about the state of the American economy and readiness of the Fed to increase interest rate in December.
Support and resistance
The instrument is still trading above the strong at 1260.00. In case of a price consolidation above the level of 1274.00, there is a high chance of a growth continuation towards next resistance levels.
On the 4-hour chart, the indicators do not give clear trading signals. line are directed down having left the overbought zone. histogram is in the negative zone and its volumes are falling.
Support levels: 1260.00, 1250.00, 1242.00.
Resistance levels: 1274.00, 1285.15, 1300.00.
Long positions can be opened from the level of 1275.00 with the target at 1285.00 and stop-loss at 1270.00.
Short positons can be opened from the level of 1259.00 with targets at 1250.00, 1242.00 and stop-loss at 1265.00.