Gold Price Analysis: Bulls looking to extend intraday positive move beyond $1730-32 region
- 19th June 2020
- Posted by: Hakeem
- Category: FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, TECHNICAL ANALYSIS
Gold built on its steady intraday positive move through the early European session and was last seen trading near daily tops, just above the $1730 level.
The commodity caught some fresh bids on the last day of the week and staged a goodish bounce from a short-term ascending trend-line support, extending from monthly lows around the $1670 region. The uptick was supported by fresh coronavirus jitters.
Investors remain concerned about a rise in new coronavirus cases overshadowed the recent optimism over a sharp V-shaped economic recovery and turned out to be one of the key factors that underpinned demand for the safe-haven precious metal.
The intraday positive move seemed rather unaffected by a strong recovery in the global equity markets. The risk-on flow was reinforced by a strong pickup in the US Treasury bond yields, albeit did little to weigh on the non-yielding yellow metal.
Meanwhile, a subdued US dollar price action did little to influence the dollar-denominated commodity. Some follow-through buying beyond the $1730-32 pivotal resistance now seems to lift the metal towards the $1745 supply zone en-route multi-year tops.
In the absence of any major market-moving economic releases from the US, traders are likely to look forward to the Fed Chair Jerome Powell’s comments at a panel discussion for some meaningful opportunities later during the US session.
Technical levels to watch
|Today last price||1732.06|
|Today Daily Change||8.96|
|Today Daily Change %||0.52|
|Today daily open||1723.1|
|Previous Daily High||1737.83|
|Previous Daily Low||1717.61|
|Previous Weekly High||1744.75|
|Previous Weekly Low||1677.73|
|Previous Monthly High||1765.38|
|Previous Monthly Low||1670.72|
|Daily Fibonacci 38.2%||1725.33|
|Daily Fibonacci 61.8%||1730.11|
|Daily Pivot Point S1||1714.53|
|Daily Pivot Point S2||1705.96|
|Daily Pivot Point S3||1694.31|
|Daily Pivot Point R1||1734.75|
|Daily Pivot Point R2||1746.4|
|Daily Pivot Point R3||1754.97|