FXstreet.com (Barcelona) - The price of Gold holds the near-term positive tone, following bounce from yesterday’s low of 1719 – however the current pricing lacks momentum for push towards 1735/38 barriers.
According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “A consolidation above the 1725 handle portends a tentative bullish trendline, connecting 1705/1719 lows, which would keep the upside in focus for an eventual attempt at 1738 (50% Fibonacci expansion and previous high), a break of which is required to resume bulls towards initial upside targets at 1746/48 (Fib 61.8% expansion / 50% retracement).”
“Any dip below the trendline support, would risk the retest of the 1719 level, while a loss of which will weaken the near-term structure.” Drvenica notes. In these moments the price of gold has settled at USD $1730.30, up $+2.10 Thursday.
FXStreet