Gold Intraday: Gathering Upside Momentum

From a technical point of view, spot gold is gathering upside momentum as it may have formed a rounding bottom as shown on the 1-hour chart...

Gold 1

On Monday, spot gold gained 0.8% to $1,957 as the U.S. dollar eased. Reuters reported that AstraZeneca's Covid-19 vaccine trial in the U.S. remains on hold as regulators are still examining the serious side effect on the British patient. Earlier, the pharmaceutical giant said it has resumed clinical trials in the U.K..


Meanwhile, the Federal Reserve is expected to keeps its dovish tone after its FOMC meeting mid-week.


From a technical point of view, spot gold is gathering upside momentum as shown on the 1-hour chart. It may have formed a rounding bottom pattern, with prices trending to test the upper boundary of its recent consolidation range. The level at $1,937 may be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $1,974 and $1,992. Alternatively, a break below $1,937 would suggest that the next support at $1,920 may be challenged.



Source: Gain Capital, TradingView

More from Gold

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.