Gold price today: Starting a downtrend?
ALEXIA, hello every one !
Today, gold remains in a defensive position around the range of 1,963 - 1,977 USD after declining from a high of 2,010 USD in last week's trading session. The strong recovery of the US dollar has diminished the attractiveness of gold for buyers holding other currencies.
In the near future, and according to the 4-hour chart, the risk is inclined towards downside as gold continues its downward trend. Sellers will need to surpass this support level if they want the price to further decrease. On the other hand, maintaining stability at this level may create an opportunity for another upward move towards the 2,000 USD mark.
Support levels: 1,953.50, 1,945.20, 1,932.60
Resistance levels: 1,978.30, 1,989.00, 2,006.70
Today, gold remains in a defensive position around the range of 1,963 - 1,977 USD after declining from a high of 2,010 USD in last week's trading session. The strong recovery of the US dollar has diminished the attractiveness of gold for buyers holding other currencies.
In the near future, and according to the 4-hour chart, the risk is inclined towards downside as gold continues its downward trend. Sellers will need to surpass this support level if they want the price to further decrease. On the other hand, maintaining stability at this level may create an opportunity for another upward move towards the 2,000 USD mark.
Support levels: 1,953.50, 1,945.20, 1,932.60
Resistance levels: 1,978.30, 1,989.00, 2,006.70
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The DXY index - measuring the fluctuation of the USD compared to a basket of 6 major currencies increased from 105 points to 105.7 points.
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