Bottom line: Gold has print yet another high around $1981 today as the yellow metal trades above 09 year high. Immediate support is seen towards $1930, and a break lower might confirm a potential bearish reversal.
Fundamental Outlook:
DAX price action remained subdued yesterday as the indice manage to close at 12878, marginally higher. The indice along with its counterparts Dow Jones, SPX500 and NASDAQ seems to have carved a potential top last week around 13300 levels. Risk assets (Global Indices) had reversed last Friday.
The rising tensions between US-China, along with the COVID-19 pandemic would add further pressure to Global Indices. Another round of potential risk aversion amidst the US Dollar rally cannot be ruled out yet. The US Dollar Index might also be impacted by the ongoing negotiations over the next round of stimulus package.
Gold has continued its rally and hit fresh highs around $1981 levels before pulling back. The yellow metal has gained against the US Dollar selloff over the past few sessions. Investors might take a cautious approach as Gold remains vulnerable for a drop, around 09 year’s highs.
Technical Analysis:
Gold has managed to print yet another high around $1981 before reversing sharply through $1933 respectively. The yellow metal trades around 09 year high as we prepare to publish this update, and remains vulnerable for a reversal.
Immediate support is seen towards $1930 levels and a break lower would indicate a potential bearish reversal ahead. Also not that traders might be watching for an impulse drop to prepare selling on rallies thereafter.
Gold might have carved a potential top around $1981 today, but we need to see a price action confirmation before we can confirm the same. Traders will be watching for a break below $1930 and wait for a pullback rally thereafter.
Prepared by
Harsh Japee, Technical Analyst.
Gold Chart
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