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10 Sep 2015
Gold holds onto mild daily gains
FXStreet (Córdoba) - Gold managed to recover some ground this Thursday amid dollar's weakness, but settled barely above its daily opening around $1,111.00 a troy ounce, as uncertainty over what the FED may decide next week continues to weigh.
The commodity bounced from a monthly low set at 1,101.22 earlier this week, finding also some support on physical buying, but remains far from suggesting additional gains ahead, “as the daily chart shows that the price remains well below its moving averages in the daily chart, whilst the technical indicators are barely correcting higher, well below their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet.
“In the 4 hours chart, the downside remains favored, as an early advance was rejected by a bearish 20 SMA, currently around 1,115.60, whilst the technical indicators are turning back south, with the RSI heading lower around 36 having corrected the extreme oversold readings reached last Wednesday”, Bednarik added.
Support levels: 1,109.20 1,101.20 1,094.80. Resistance levels: 1,115.60 1,124.50 1,132.10.
The commodity bounced from a monthly low set at 1,101.22 earlier this week, finding also some support on physical buying, but remains far from suggesting additional gains ahead, “as the daily chart shows that the price remains well below its moving averages in the daily chart, whilst the technical indicators are barely correcting higher, well below their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet.
“In the 4 hours chart, the downside remains favored, as an early advance was rejected by a bearish 20 SMA, currently around 1,115.60, whilst the technical indicators are turning back south, with the RSI heading lower around 36 having corrected the extreme oversold readings reached last Wednesday”, Bednarik added.
Support levels: 1,109.20 1,101.20 1,094.80. Resistance levels: 1,115.60 1,124.50 1,132.10.