justatrader

Gold inching higher. Daily close above 1248.55 could be key

FX:XAUUSD   Gold/U.S. Dollar
6 months ago
After briefly testing sub 1200 levels last week, Gold             quickly reversed its losses after Friday's NFP report. Monday/Tuesday was relatively flat but today's price action showing some early gains. Above 1248.55, 1260 remains the next key level to target.

But a pullback/correction is missing

To the downside, 1230 - 1220 levels could act as support. Forming a third consecutive low here (after 1199.55 and 1206.88) could signal a near term strength to the upside.
6 months ago
Comment:
snapshot


Gold prices rallied higher yesterday, rising to 1260 level. Today's price action could be decisive. A doji near this level could signal that investors could likely wait into the FOMC meeting. But that said, the 4-hour chart has formed a rising wedge pattern, a breakdown of which could see gold correct to 1230 - 1220 region of support. However, to the upside, not ruling out a risk of a test to 1268 - 1270 level. A close below 1260 is needed followed by a break of 1248.55 - 1250 for a dip to 1230 - 1220 support.
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