Gold analysis: Reaches above 1,800.00 : On Monday morning, the yellow metal traded above the 1,800.00 level. Meanwhile, support was being provided by the combination of the 100-hour simple moving average and the 1,805.00 level. Resistance was being found in the 1,810.00 level and the 200-hour simple moving average.
If the rate breaks resistance near 1,810.00, the price of the metal could test the upper trend line of a channel down pattern near 1,813.00. Afterwards, the bullion could reach for the late July high level at 1,825.00.
On the other hand, a decline of the metal would most likely find support in the 1,800.00 level and the 55-hour simple moving average.
CME Group’s flash data for gold futures markets noted open interest rose for the fourth consecutive session on Friday, this time by. Nearly 6K contracts. In the same line, volume reversed the previous drop and went up by around 84.8K contracts.
- Gold price analysis: Gold is sideways at $1790/oz – $1810/oz
- Gold Price Forecast: Gold likely to extend range play near $1,800 ahead of FOMC
- MCX COPPER TIPS : 747.50 TO 760.40 | Neal Bhai Reports
Gold Futures: Further downside looks likely
Prices of gold ticked lower at the end of last week amidst increasing open interest and volume, leaving the door open for further retracement in the very near term. The continuation of the current side-line theme looks likely with further gains expected above the 200-day SMA, today at $1,822 per ounce troy.
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