25 Sep 2013
Gold rallies off Tuesday low at 1305.50, but runs into wall at 1326.80
FXstreet.com (Barcelona) - Gold is grinding sideways just below short-term “correction resistance” at 1,326.80. A failure at that resistance may lead to a re-test of the 9/18 low of 1291.50.
Gold having a tough time finding solid footing while DXY is bouncing
The very short-term rally in the US Dollar is giving gold bulls a headache temporarily. However, as technicians are saying the DXY may have more selling pressure coming once the 80.71 is tested – gold and silver may have another bit of tailwind preparing to kick in as well.
The DXY – and hence gold and silver – may see some fairly significant movement off of the release of US Durable Goods and new home prices early in the US session Wednesday.
Technical outlook for gold
Technicians are mixed in their outlooks for gold – some calling for more upside to coincide with more DXY weakness while others see the DXY rebounding and gold continuing to tumble. Support for gold does come in at 1291.50, but there is additional support just below that at the 8/7 low of 1271.80. If gold can crack the ceiling at 1326.80, a move up to recent highs near 1,370 appears likely.
Gold having a tough time finding solid footing while DXY is bouncing
The very short-term rally in the US Dollar is giving gold bulls a headache temporarily. However, as technicians are saying the DXY may have more selling pressure coming once the 80.71 is tested – gold and silver may have another bit of tailwind preparing to kick in as well.
The DXY – and hence gold and silver – may see some fairly significant movement off of the release of US Durable Goods and new home prices early in the US session Wednesday.
Technical outlook for gold
Technicians are mixed in their outlooks for gold – some calling for more upside to coincide with more DXY weakness while others see the DXY rebounding and gold continuing to tumble. Support for gold does come in at 1291.50, but there is additional support just below that at the 8/7 low of 1271.80. If gold can crack the ceiling at 1326.80, a move up to recent highs near 1,370 appears likely.