Gold – Gold Gains amid a Bullish Stock Market
A bullish stock market yesterday gave a boost to higher-yielding assets and led to significant gains for the price of gold. The precious metal moved up close to $15 over the course of the day, eventually trading as high as $1725 an ounce.
Today, gold traders will want to monitor the results of a batch of US news. Any better than expected data could lead to an increase in risk taking, which may help gold extend its bullish trend. That being said, should any of the news come in below the forecasted levels, risk aversion may result in gold reversing its recent gains.
| GOLD (Spot) intraday: further upside. |
Pivot: 1708.00
Our preference: LONG positions above 1708 with 1730 & 1735 as next targets. Alternative scenario: The downside penetration of 1708 will call for 1698 & 1687. Comment: the RSI is bullish and calls for further upside. |
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Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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