Gold Uninspiring as Familiar Resistance Caps
US Dollar Chops, US Rates Pop, Gold Vulnerable to a Drop Gold Uninspiring as Familiar Resistance Caps
The precious metal had a somewhat uninspiring week, with initial gains faded throughout the back end of the week. Once again, upside in gold has been capped at 1860, this time the 50-200DMA holding firm. The 1840-60 area has been a tough area for gold to break in recent weeks, while an RSI that has remained below 50 also provides little indication that the top of the area will be breached in the near term. On the downside, support is situated at 1809 (Jan 18th low) with 1784 below (Feb low), which protects the November low 1764.Gold Chart: Daily Time Frame