What 1 hr chart says ?
Fundamental Descriptions: Gold was up on Monday morning in Asia, hitting a more than one-week high. A weakening dollar continued to support the greenback-priced yellow metal, even as rising U.S. Treasury yields capped gains. On Friday, particularly, a flight to safety theme remained in play, which boosted the demand for safe havens such as the dollar and the US government bonds. Therefore, the US rates suffered and provided extra legs to gold’s recovery. Looking forward, the German IFO Business Survey could help calm tensions surrounding economic slowdown while the US docket lacks any top-tier macro release this week, making for a quiet start to the Fed minutes week.
Technical Descriptions: Gold Price rose to a new six-day high of $1,849 on Friday, ending the week in the green for the first time in five. Friday’s advance was a continuation of the metal’s recovery from four-month lows of $1,787 reached last Monday. Ahead of that the $1,870 round figure could challenge the bearish commitments. The 14-day Relative Strength Index (RSI) is closing in on the midline, looking to recapture it. This suggests that bulls could await confirmation before resuming the recovery mode.
Alternate view: Alternatively, the immediate support is seen at the flattish 200-DMA at $1,838. If sellers manage to find a strong foothold below the latter, then a steep drop towards the $1,800 demand area cannot be ruled out.
Technical Descriptions: Gold Price rose to a new six-day high of $1,849 on Friday, ending the week in the green for the first time in five. Friday’s advance was a continuation of the metal’s recovery from four-month lows of $1,787 reached last Monday. Ahead of that the $1,870 round figure could challenge the bearish commitments. The 14-day Relative Strength Index (RSI) is closing in on the midline, looking to recapture it. This suggests that bulls could await confirmation before resuming the recovery mode.
Alternate view: Alternatively, the immediate support is seen at the flattish 200-DMA at $1,838. If sellers manage to find a strong foothold below the latter, then a steep drop towards the $1,800 demand area cannot be ruled out.
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