Gold prices extended their recovery for the third consecutive session and touched $1,950 on Wednesday. This daily increase is due to increased open interest and it suggests that additional profits will emerge in the near future. However, the next important target for the precious metal is the high of USD/troy ounce in July 1987 (July 20).
Our Technical Confluence Indicator is signaling that Gold Price is breaking out of the confluence of the $1935–36 support, indicating the next uptrend to watch. However, the key supports mentioned include Pivot Point S1 for one day and Fibonacci 61.8% for one month.
Our Technical Confluence Indicator is signaling that Gold Price is breaking out of the confluence of the $1935–36 support, indicating the next uptrend to watch. However, the key supports mentioned include Pivot Point S1 for one day and Fibonacci 61.8% for one month.
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The 4-hour chart shows that technical indicators are slightly down but still within overbought levels, not enough to confirm an interim top.
US consumer confidence and activity data, as well as housing market data, previously supported dovish comments on the US central bank and weighed on the US dollar, which has since boost Gold price.