Gold price is facing immediate resistance at $1,914, which is the Fibonacci 61.8% one-day.
A break above which will put the powerful hurdle at $1,918 under threat. That level is the convergence of the pivot point one-month R3 and pivot point one-day R1.
Acceptance above the latter is critical to extending the renewed upside toward the previous week’s high at $1,922. Further up, the nine-month top at $1,929 will challenge bearish commitments.
Gold price has stalled its ongoing corrective downside, staging a decent comeback so far this Wednesday. The US Dollar has reversed its early gains amid falling US Treasury bond yields, which has helped Gold price recover lost ground. Meanwhile, Gold price continues to benefit from increased bets of smaller US Federal Reserve (Fed) rate hikes, although the US Retail Sales and Producer Price Index (PPI) will help shed more light on the same.
A break above which will put the powerful hurdle at $1,918 under threat. That level is the convergence of the pivot point one-month R3 and pivot point one-day R1.
Acceptance above the latter is critical to extending the renewed upside toward the previous week’s high at $1,922. Further up, the nine-month top at $1,929 will challenge bearish commitments.
Gold price has stalled its ongoing corrective downside, staging a decent comeback so far this Wednesday. The US Dollar has reversed its early gains amid falling US Treasury bond yields, which has helped Gold price recover lost ground. Meanwhile, Gold price continues to benefit from increased bets of smaller US Federal Reserve (Fed) rate hikes, although the US Retail Sales and Producer Price Index (PPI) will help shed more light on the same.
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We are up 6.7% since our entry at $1831.01, still a long way to go but loving the rally thus far. #G
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