Gold trading today started with choppy price action and a bearish bias. Spot gold opened at approximately 4348$ per ounce, then pulled back to the 4320–4330$ zone. Current prices indicate that the market is still under short-term selling pressure. (Investing.com)
My outlook for the market:
I don’t see today’s opening as suitable for entering a direct buy, because gold is still strongly affected by the U.S. dollar and rising expectations for interest rates. Markets are pricing in a high chance of a rate hike this week, which is weighing on gold. (Reuters)
Key areas I’m watching:
* 4320–4330$: an important support zone.
* 4350–4360$: the first resistance zone.
* 4380–4400$: stronger resistance. Breaking above it and holding could provide an opportunity for the trend to improve.
* A break of 4320$ and staying below it could open the way for further downside
My outlook for the market:
I don’t see today’s opening as suitable for entering a direct buy, because gold is still strongly affected by the U.S. dollar and rising expectations for interest rates. Markets are pricing in a high chance of a rate hike this week, which is weighing on gold. (Reuters)
Key areas I’m watching:
* 4320–4330$: an important support zone.
* 4350–4360$: the first resistance zone.
* 4380–4400$: stronger resistance. Breaking above it and holding could provide an opportunity for the trend to improve.
* A break of 4320$ and staying below it could open the way for further downside