Rate Pause Doubts Boost Gold? A Technical and Economic Overview
Gold trades flat despite the weak US dollar. Read Till End
Technical Analysis: Key Levels
Gold prices are holding above short-term moving averages 34 EMA and 55 EMA and above long-term moving averages (200 EMA) in the 4-hour chart. Immediate support is at $2895 and a break below this level will drag the yellow metal to $2867/$2850/$2830/$2800/$2770/$2740. The near-term resistance is at $2930, with potential price targets at $2940/$2957/$3000.
Signal
Buy $2900 with a stop-loss at $2880 for a target price of $3960.
Sell $2960 with a stop-loss at $2980 for a target price of $2880
