Gold Intraday Near 2000 Again What Next

feature image

On Tuesday, the ICE U.S. Dollar Index dropped for a fifth straight session to its lowest level since May 2018. A weak dollar is fueling a rebound in gold price, which has bounced about 3% in the last two trading days. Meanwhile, investors will watch closely the release of Federal Reserve's FOMC meeting minutes due later in the day.


From a technical point of view, spot gold has rebounded sharply after reaching the lower boundary of a bullish channel drawn from March. For the most recent rally, the level at $1,958 might be considered as the nearest support level, with price trending to test the next resistances at $2,029 and $2,075. Alternatively, losing $1,958 would suggest a loss of momentum and may trigger a pull-back to the next support at $1,921.

Source: TradingView, Gain Capital
Related tags: gold commodities

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Sign up for our interactive livestreams

Our interactive livestreams, led by our industry experts, come highly recommended and can help provide your trading with the edge it needs.
Economic Calendar