- Gold trims daily gains after posting highs since Wednesday.
- Bullish bias for the yellow metal, although with resistance ahead.
- Holiday in the US would reduce volume in operations.
The Prayed it started to rise in the Asian session and reached as high as $1864, the highest level since Wednesday, before turning back. It is trading at $1854, positive for the day but far from the high.
The bias remains bullish in the very short term for the metal. But the price continues to show difficulties in holding above $1860. Above that level there is strong resistance in the $1870 area. A confirmation on the latter would open the doors to more raises.
In the opposite direction, at $1848 is the first major support. Below is last week’s low at $1,840, which also includes the 200-day moving average. Underneath, a bearish extension to $1830 would be expected.
The yellow metal is supported from behind by the weakness of the dollar, in a context of greater appetite for risk. In Europe and the futures of the main Wall Street indices operate in the green.
Gold gains remain limited. With no movement in the Treasury bond market on Monday due to the US holiday, volume and volatility in gold could be affected.
Technical levels
Source: Fx Street
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