Lower dollar has the price of gold moving higher

Technical Analysis

Author: Greg Michalowski | gold

Up $16.50 on the day.  Looks toward trend line resistance

The dollars decline (trading at near the lowest level since 2015) has gold moving higher.  


The price of gold is trading up about $16.50 or 0.60% at $1338.72.  The price traded as low as $1308 on Wednesday. 

The move higher has the precious metal looking toward a topside trend line at $1344.36. The high price from 2017 was up at $1357.

Per an earlier post , the dollar index is testing the lowest level since 2015.  A move below that level would be more bearish technically for the greenback. That could spell more upside for the price of gold too.  Be aware.

In the currency markets. 
  • The EURUSD is cracking higher and trades above the 50% retracement at 1.2166
  • The GBPUSD is running away from the 1.3700 level  and the 2017 high at 1.3654. We trade at 1.3731 now. A broken trend line on the hourly chart comes in at 1.3707 and is now risk
  • The USDJPY moved down to 110.906 and tested a lower trend line on the hourly at 110.84 (see chart below). The price is back above the 111.00 level.



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