Gold Rebounds On Weaker U.S. Dollar, Awaiting Further U.S. News Today

Gold‘s performance last week was not up to expectations, as the precious metal plunged to 1170.82 after strong US data, its lowest level since February, bringing its total losses to around $130 per ounce since Trump won the election. XAU/USD is in confusion this week, swinging between 1197 and 1182 handle as US dollar index surges. Gold clocked a high 1195.16, not long before plunging to 1188.72 low, currently 1189.89 intraday close to it’s weekly Pp.

XAU/USD is still considered bearish as Trump trade is moving in the right path and at the same time pressured by strong US economy and today, US data might cost gold further losses as US dollar awaits Prelim GDP scheduled at 1:30 PM GMT, and later on Consumer confidence at 3:00 PM GMT.

Trend: Bearish sideways

Key levels to watch: Weekly Pp 1190.50

Resistance: R1 1199.26, R2 1206.99, R3 1216.59, R4 1222.56

Support: S1 1181.49, S2 1172.03, S3 1163.14, S4 1155.86

Remark: XAU/AUD still to be considered bearish, with possibility of a rebound due to unstable US index, price range between S1 and R1 but look forward for more volatility as US news close to its release and afterwards.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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