Gold price finally managed to break above major resistance at $1,800/oz and reached the highest level since February, as Treasury yields dropped below 1.60% and are hovering around 1.57%, while a weaker dollar lent further optimism to the gold bulls. Gold price broke above upper limit of the wedge formation and is currently testing local resistance at $1818/oz. Should break higher occur, the next potential target for bulls is located at $1855/oz resistance which is additionally strengthened by 200 SMA (red line). However if buyers will fail to uphold momentum, price may return to the aforementioned support at $1800/oz.
Gold, D1 interval. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
