- Gold advances above $ 1800 for the first time in two and a half weeks.
- Firm bullish outlook as long as it is above $ 1795.
The Gold is rising for the fourth day in a row and is trading at $ 1809, the highest level in two and a half weeks. The 20-day moving average is also at this level, which makes it an important resistance.
The outlook for gold looks bullish and there are no signs of correction, but there are signs of overbought after several days with rises and a major rally. Tuesday’s momentum is also given by technical factors, after the break at $ 1795, a key level. A fall below this last level, would take strength to the gold favoring a correction or a consolidation ahead. A confirmation of the XAU / USD over $ 1805 will keep the tone firm. The next strong resistance is seen at $ 1825.
The rise in gold occurs despite the advance of the dollar on Tuesday against the main European currencies. These crosses had a major reversal, which did not hold back neither gold nor silver. While the DXY rises 0.10%, gold climbs 0.92%.
The Market activity will return to normal on Tuesday following Monday’s US holiday. Among the data ahead, there are reports from the service sector in June US On Wednesday will be the minutes of the last meeting of the Federal Reserve.
Technical levels
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