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Gold consolidates at monthly highs

FXStreet (Córdoba) - Gold prices started the day with a negative tone, as spot declined to a fresh weekly low of $1,151.77, before bouncing sharply higher in the American session, to end the day around $1,165 an ounce.

Gold technical view

Gold gained on dollar's weakness, but more on speculative buying after completing a pullback to the long term descendant trend line broken late last week. “The bright metal is closing the day above its 200 DMA for the first time since last May, and the technical picture in the mentioned time frame, also shows that the 20 DMA continues advancing above the 100 DMA, whilst the technical indicators remain well above their mid-lines, in line with some additional gains”, said Valeria Bednarik, chief analyst at FXStreet.

“In the 4 hours chart, however, Momentum indicator diverges lower, posting lower highs and nearing its mid-line, whilst the RSI indicator is also turning lower from near overbought levels. The 20 SMA in this last time frame, maintains its bullish slope a few cents above the mentioned trend line, providing a strong intraday support in the 1.152/53 region”.

Bednarik sees next support levels at 1,162.10, 1,152.50 and 1,146.10, while she places resistances at 1,170.00, 1,179.30 and 1,186.90.

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