Since the beginning of this year, the price of gold substantially strengthened.
The price was significantly supported by a crash of the world stock markets that reduced the appetite for risk and forced investors to switch into safe-haven assets, such as gold .
In addition, the price was supported by the weakened US Dollar that remains under pressure due to the significantly lowered probability of further tightening in the US this year.
Support and resistance
In the beginning of the month, the price broke out the upper border of a . In the short-term, a downward correction to the levels of 1174.50, 1153.85 is expected, after which a growth will resume.
Technical indicators suggest a growth continuation in the medium-term. histogram is in the positive zone and its volumes are growing. point out to the growth as well.
Support levels: 1207.65, 1198.70, 1194.00, 1186.85, 1174.05, 1153.85, 1145.10.
Resistance levels: 1213.85, 1224.70, 1235.05, 1242.80, 1257.80, 1264.00.
Pending buy orders can be placed at the levels of 1186.85, 1153.85, 1145.10 with the target at 1300.00 and stop-loss at 1120.00.