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Gold backs away from 3-week highs

FXStreet (Córdoba) - Gold prices slipped on Monday, with spot down about $10.00 as the American dollar strengthened against all of its major rivals. Investors are again focusing on a possible rate hike in the US next week, retaking the short positions closed by the ends of the previous week.

Gold technical view

“Technically, the daily chart for gold shows that the commodity is now approaching its 20 DMA, at 1,072.50, and the immediate support, while the technical indicators have turned lower around their mid-lines, not yet confirming a bearish breakout, but maintaining the risk towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA maintains a bullish slope below the current level, while the technical indicators are retreating from oversold territory, but are still above their mid-lines. The commodity will likely continue trading on sentiment, with fresh lows near $1,000.00 a troy ounce expected, should the US Central Bank act next week”.

Support levels: 1,072.50 1,065.40 1,057,30. Resistance levels: 1,082.60 1,089.40 1,098.10.

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