Gold Intraday: Near $2,000 Again, What Next?
George Lam August 19, 2020 12:43 PM
On Tuesday, the ICE U.S. Dollar Index dropped for a fifth straight session to its lowest level since May 2018, which is positive to gold price...
On Tuesday, the ICE U.S. Dollar Index dropped for a fifth straight session to its lowest level since May 2018. A weak dollar is fueling a rebound in gold price, which has bounced about 3% in the last two trading days. Meanwhile, investors will watch closely the release of Federal Reserve's FOMC meeting minutes due later in the day.
From a technical point of view, spot gold has rebounded sharply after reaching the lower boundary of a bullish channel drawn from March. For the most recent rally, the level at $1,958 might be considered as the nearest support level, with price trending to test the next resistances at $2,029 and $2,075. Alternatively, losing $1,958 would suggest a loss of momentum and may trigger a pull-back to the next support at $1,921.
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