fxs_header_sponsor_anchor

News

Bottom in place: Gold jumped to 10-day high

  • Gold (XAU/USD) jumped to 10-day high yesterday, adding credence to long-tailed candles.
  • Eyes gradually ascending (bullish) 100-day moving average (MA) hurdle.

Having created back-to-back long-tailed doji candles at the 200-day moving average support, gold shot up to a ten-day high of $1,323 - the highest level since April 30.

The yellow metal picked up a bid yesterday as the dollar index (DXY), which tracks the value of the greenback against major currencies, fell from 92.97 to 92.40 after the US April consumer price index (CPI) missed estimates.

The price action indicates the sell-off from the April 11 high of $1,365 has made a temporary low of $1,300 (May 1 low) and the bulls have regained control.

Further, the DXY daily chart shows bearish doji reversal, so the yellow metal may extend gains further to the gradually ascending (100-day MA) of $1,327.

Gold Technical Levels

As of writing, the metal is changing hands at $1,320/Oz. Resistance is lined up at $1,327 (100-day MA), $1328.50 (50-day MA) and support is seen at $1,317 (5-day MA) and $1,314 (10-day MA).

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.