Precious metals are trading higher today with gold breaking above the $1,800 psychological level. US dollar is the weakest among G10 currencies and it provides support for a range of commodities, including precious metals. Price broke above the upper limit of the Overbalance structure and 100-period EMA (H4 interval) in the $1,800 area, signalling that the ongoing upward correction may become a trend reversal. The next major resistance to watch can be found in the $1,845 area.
Tomorrow's FOMC minutes release at 7:00 pm BST can boost volatility on USD and therefore have an impact on gold as well.
Source: xStation5
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