Gold Price Forecast: Gold (Yellow Metal) is jumping back on the bids, as the US dollar resumes the corrective decline after the S&P 500 futures recorded another lifetime high.
Gold Price Analysis: Gold built on its recent bounce from multi-month lows, around the $1,677-76 region & edged higher during the first part of the trading action on Tuesday. Bulls are looking to seize control above the $1,720 pivot.
Gold prices fell to the lowest in more than two months as a stronger dollar and better-than-expected U.S. economic data diminished the appeal of the metal as a haven.
Gold Spot support and hurdle : The Technical Confluences Indicator shows that gold has managed to recover ground above the powerful resistance now support at $1781, which is the intersection of the Fibonacci 38.2% one-day, SMA5 four-hour and pivot point one-week S2.
Gold Spot Low $1789 Mint Money or Not. Gold markets have broken down during the trading session on Tuesday as the US dollar has picked up a bit of momentum.
Gold Technical Outlook Report : The Gold Relative Strength Index (RSI) indicator is moving sideways around 50, confirming gold indecisiveness in the near-term. Additionally, the pair is fluctuating between the Fibonacci 38.2% and 50% retracement levels of the six-day-long uptrend witnessed earlier in the month.