The precious metal struck to as high as 1818 on Wednesday, which had a little pullback to 1813. Dipped even further with over $8 yesterday NY session with a strengthening dollar, to lowest 1795 and held itself back above 1800. Its bullish trend doesn’t seem to be stopping sooner or later given the uncertainty of the U.S. market and economy, as major stock markets also saw a mixed to bear opening Thursday.
RSI at last corrected itself after Wednesday’s session, backed off from topping the scale down to 40. The price of the yellow metal has been rather stable after NY close, shivering between 1801 and 1804 range. Currently with the continuing robust dollar, gold will lose some ground in the short term, possibly to constantly testing the previous day support level at 1796 however, it will not lose its safe-haven characteristic in the market.
Daily pivot 1804.44
S1 – 1792.59 R1 – 1813.14
S2 – 1783.88 R2 – 1824.98
S3 – 1772.04 R3 – 1833.69
Expecting little to no significant fluctuation in the near future could look to hold mid-long-term long exposure with 1797 entry with stop loss at 1790 and take profit at 1813.
Analyzed by: Mr. Ronald Wu
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