- Gold maintains recent gains, challenges resistance at $ 1805.
- The dollar remains weak throughout the market.
The Gold is trading unchanged Tuesday, hovering above $ 1,800 an ounce. The precious metal is holding on to recent gains and is testing the $ 1805 zone, which is the upper bound zone of the current consolidation range supported above $ 1800.
The Dollar weakness and stable Treasury yields, along with optimism in the equity markets continue to support the bullish scenario, both for gold and silver.
On Tuesday there will be US economic data that is not expected to have a big impact. The July New Home Sales Report and the Richmond Fed Manufacturing Index will be released. The focus is on what will be the Jackson Hole symposium starting Thursday, where Jerome Powell, the president of the Federal Reserve, and his words are long awaited. It is estimated that he could announce something in relation to the shopping program.
The oro maintains a bullish tone, especially after having managed to stay above $ 1800. The next major resistance is at the $ 18010 / $ 15 zone, followed by the July highs around $ 1835. To the downside, now $ 1795 is the first support, and a confirmation below would ease the upward pressure. Then follows last week’s flat at $ 1775.
Technical levels
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