Gold Rebounds from Losses on Strong US PMI, Still Below $2,000
Gold prices snapped a losing streak, trading higher around $1,970 per ounce during Wednesday's Asian session. The precious metal found support as the US dollar (USD) stabilized after recent losses.
From a short-term technical perspective, gold appears to be in a 'buy' position. The 14-day Relative Strength Index (RSI) is just below overbought territory, indicating room for further upward movement.
Furthermore, gold is forming a bullish flag pattern after consolidating this week following a relentless climb from a January low of $811.
The daily technical setup for gold favors bullish traders, with immediate resistance seen at the $1,980 level. Breaking this level is essential to challenge the January 20th high of $988.1, with a target of $2,000 on the path to the resistance level of <>.
On the other hand, if gold bears regain control, they will aim to break the January 23rd low of $963.1. Further south, psychological support at $950.<> will be revisited.
For gold buyers, the key level is pictured at the January 19th low of $945.<>.
A significant reversal of the US dollar triggered a new selloff in gold prices, pushing them down to $1,950. However, the prolonged adjustment of US Treasury yields has helped gold recover to stabilize around $1,971 during the day.
From a short-term technical perspective, gold appears to be in a 'buy' position. The 14-day Relative Strength Index (RSI) is just below overbought territory, indicating room for further upward movement.
Furthermore, gold is forming a bullish flag pattern after consolidating this week following a relentless climb from a January low of $811.
The daily technical setup for gold favors bullish traders, with immediate resistance seen at the $1,980 level. Breaking this level is essential to challenge the January 20th high of $988.1, with a target of $2,000 on the path to the resistance level of <>.
On the other hand, if gold bears regain control, they will aim to break the January 23rd low of $963.1. Further south, psychological support at $950.<> will be revisited.
For gold buyers, the key level is pictured at the January 19th low of $945.<>.
A significant reversal of the US dollar triggered a new selloff in gold prices, pushing them down to $1,950. However, the prolonged adjustment of US Treasury yields has helped gold recover to stabilize around $1,971 during the day.
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