Forex Chart Of the Day: GOLD Rallies On USD Pressure

The price of Gold has rallied as the USD weakened today. Will this continue and will we see opportunities to trade Gold long?

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GOLD

Fundamental Analysis

The price of Gold has suffered this year due to the Federal Reserve hiking rates significantly. However recently the Fed has talked of slowing down the pace of tightening which could lead to the price of Gold moving higher. The USD Index traded through a bullish channel support and the support of 110.00 which has helped Gold trade higher. 

Technical Analysis

The price of Gold failed to find sellers below the $1620.00 handle. The USD weakening has seen the price trade through the resistance at $1675.00 handle. This offered breakout opportunities to buyers which would have pushed the price to the key resistance of $1725.00. A move above this level would suggest the trend of the market has changed and a move to $1800.00 would be likely.

Did you see our GBPJPY Analysis? You can see it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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