FXStreet (Córdoba) – Gold settled slightly higher on Wednesday having had a volatile session as investors gear up for the Federal Reserve meeting next week.
The yellow metal climbed to near $1,085 an ounce but it was rejected, as selling interest remains strong on spikes. The metal settled up 0.12% around $1,076.50 an ounce.
Still, gold continues to trade near 6-year lows scored last week at $1,045/oz as the dollar retains a firm tone amid expectations the Fed will raise rates for firts time in over a decade.
Gold technical view
“Technically speaking the metal has turned now neutral, as in the daily chart, the metal holds above a mild bearish 20 SMA, whilst the technical indicators lack directional strength around their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, however, the risk remains towards the downside, as the technical indicators hold in negative territory while the price stands below its 20 SMA, the immediate resistance at 1,077.20. The commodity has fallen briefly below the 1,070 level, but failed to extend its slide, establishing a daily low at 1,069.60, the level to break to confirm a bearish move for this Thursday”.
Support levels: 1,069.60 1,065.40 1,057,30. Resistance levels: 1,077.20 1,082.60 1,089.40.
(Market News Provided by FXstreet)