Gold Price Analysis: Bulls looking to extend intraday positive move beyond $1730-32 region

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
Daily SMA20 1720.39
Daily SMA50 1715.67
Daily SMA100 1656.53
Daily SMA200 1578.86
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



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