Gold hiked on Tuesday from 1218.90 low to 1231.64 high and closed at 1228.64. Yesterday, XAU/USD marched to a higher price scoring 1233.07, then plunged to 1221.50 low and closed at 1224.13. The yellow metal failed to soar and stay above 1230 level on strong US dollar especially after positive US retail sales data.
Add to that, US dollar index peeked to a high new level yesterday at 100.60, currently trading at 100.19. With the US dollar index drop, it seems gold took the chance and surged 1229.78 high, currently trading at 1227.40 intraday. Traders have their eyes set on US data today with main focus on Core CPI and its result which will a better clue on how they will set their-ongoing-orders from XAU/USD. Gold at 200 SMA 1241.52, if price beats it, then look forward for next resistance levels.
Trend: bearish
Key levels to watch: 1226.85
Resistance : R1 1235.52, R2 1247.62, R3 1260.27
Support: S1 1218.47, S2 1208.03, S3 1198.13
Remark: General trend is still bearish even though market is witnessing mixed trend between bullish and bearish. Look forward for US data today at 1:30 PM GMT to have a better outlook for gold trend.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.