Gold keeps higher to start the day, what’s next?
Gold is up by nearly 1% at around $1,934
Precious metals observed a strong rebound yesterday before losing steam in the closing stages, but are keeping higher once again to start the new day. Despite the recovery, I’m still not entirely convinced by the recovery in gold over the past day or so.
The push higher yesterday fell short of holding a firm break above the 38.2 retracement level @ $1,944.26 and that is still helping to stall gains so far today.
The near-term bias also continues to favour sellers as price action keeps below the key hourly moving averages but dip buyers are proving their mettle for the time being.
After running into some technical exhaustion, price action is consolidating at current levels and I’d only be more convinced of a stronger upside momentum if $2,000 can be breached – or at least buyers moving towards the key hourly moving averages nearby.
As for sellers, this remains the key line in the sand over the next few sessions:
They will have to seek a break below the trendline support – now at $1,863.34 – in order to really establish stronger downside momentum. Otherwise, the push and pull will continue for the time being in and around the levels pointed out above.
Source: Technical analysis
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