GOLD trading last week held within the range of 1180.30 – 1200.00, finding catalysts that would allow him to gain a foothold above one of these levels and start direction. Today, the asset moves to its upper limit, using the absence of macroeconomic statistics from the US.
However, if we take into account the fact that at this stage after a very weak data on US economic growth rate in Q1 (of 0.2%), the market is not waiting for the start of a rate hike in June, gold demand may on background of the weakening dollar. If today the Fed Williams in his comments would be not aggressive enough and express doubts about the beginning of the monetary tightening in September, optimistic bulls on gold may increase.
Support and resistance levels
Support 1 17899
Support 2 17800
Current price: 18108
Resistance 1 18048
Resistance 2 18270
Gold trading (XAU/USD) – buy gold – Buy in case of breakdown level at 1200.00 with the aim of 1213.15. Stop-Loss = 1190,00
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and do not guarantee the results obtained.