Gold: Key Resistance to Watch

Gold trading
On Thursday, spot gold climbed 0.4% to $1,908, though it is still on track for a weekly decline. Investors were cautious about a rebound in the U.S. dollar and diminishing chances of U.S. fiscal stimulus.

Later today, U.S. retail sales data for September will be reported (+0.8% on month expected) and analyst would assess the strength of the U.S. economy.

On a daily chart, spot gold remains on the downside despite a recent rebound. In fact, it is capped by the lower boundary of the previous trading range and the 50-day moving average. The level at $1,935 might be considered as the nearest resistance, with the 1st and 2nd support at $1,872 and $1,848 likely to be tested again.

Source: Gain Capital, TradingView

Related tags: Gold Commodities

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