Some Lustre Returns To Gold On USD Slide
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An excellent session for gold today with the precious metal managing to halt its recent slide, a slide that had been precipitated by a more positive sentiment towards the USD.
Today’s technical recovery is due in part to a failure to breakaway from the volume point which currently sits on the daily chart at $1327 as well as a failure to close below the S4 support at $1323. And gold’s move higher has also been given a boost by today’s weakness in the USD.
However, today’s price recovery only takes the metal back into the heart of a congestion zone that has well-defined resistance at $1365 and strong support at $1300, and moreover stretches back to the beginning of this year. And should we see today’s bullish tone continue then gold will then be trading within our ‘buffer zone’ between the R1 & S1 levels on the Camarilla indicator, and these levels will be in play for the remainder of this month.
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