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Gold Price Trades to New Weekly Highs

Gold Price Trades to New Weekly Highs

Walker England, Forex Trading Instructor

Talking Points:

Gold prices are trading off of their weekly highs, as the commodity retraces after rallying for the last four consecutive trading session. Even with today’s intraday pullback, gold prices may still be seen as trending higher in the short term. As seen in the image below, gold remains above its 10 day EMA (exponential moving average) at 1,266.45. If prices continue to trend higher, traders may continue to use this line as a value of support. However, in the event of a bearish reversal, traders should look for gold to first breakout below this value.

Gold Price, Daily Chart with Averages

(Created Using IG Charts)

Intraday market analysis has gold price trading above today’s central pivot at $1,281.82. If prices continue to rally, traders will next look for resistance at the displayed R1 and R2 pivots at $1,291.69 and 1,296.75 respectively. A move to either of these two areas would place gold at new weekly highs, and suggest that the markets short term uptrend is set to continue.

In the event of an intraday reversal, traders should look for prices to be rejected beneath the previously mentioned values of resistance. This would open up gold prices to trade back below today’s central pivot, then test values of support. It should be noted that in this bearish scenario, the S1 and S2 pivots are found at $1,276.75 and $1,266.90. In the event of prices reach today’s S2 pivot, traders should next look for further bearish declines to challenge previously mentioned 10 day EMA at $1,266.45.

Gold Price, 30 Minute Chart with Pivots

(Created Using IG Charts)

--- Written by Walker, Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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