Gold managed to hold support at 4020-30 yesterday to meet the target of 4100 and above. As we see over the chart, prices remain inside a triangle formation with support at 4050 and resistance at 4140.
Until we see a weaker US dollar, gold will continue to look a bit soft, leaving only short-term buying opportunities. Gold remains a lackluster market to deal with at the moment.
Gold heads for weekly loss as Middle East tensions, Fed hike fears cap recovery
Gold: Tentative stabilisation on oil relief – OCBC
Gold and silver focused on technical levels as central banks maintained net purchases. Gold broke $4,115 symmetrical triangle while silver traded at $60.20.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data
Malaysia Gold price today: Gold falls, according to FXStreet data
Gold flat lines above $4,100 as weaker USD clashes with Fed hike bets and Iran risks