Gold Intraday Bullish Channel Intact
Gold is continued to be supported by renewed concerns over the coronavirus pandemic...
Share this:
The three major U.S. stock indices plunged over 2.0% last Friday, while spot gold ended up 0.4%. U.S. Johns Hopkins University data showed that global coronavirus cases surpassed 10 million.
The infection number in the U.S. has passed 2.5 million, where Florida and Texas re-imposed coronavirus related restrictions. Gold is continued to be supported by renewed concerns over the coronavirus pandemic.
From a technical point of view, spot gold is trading within a bullish channel as shown on the 1-hour chart. Previously, it has rebounded sharply after reaching the lower boundary of the channel. Bullish investors might consider $1,761 as the nearest intraday support, while a break above the nearest resistance at $1,780 would open a path to the next resistance at $1,788. Alternatively, a break below $1,761 would suggest that the next support at $1,752 is exposed.
Source: TradingView, Gain Capital
The three major U.S. stock indices plunged over 2.0% last Friday, while spot gold ended up 0.4%. U.S. Johns Hopkins University data showed that global coronavirus cases surpassed 10 million.
The infection number in the U.S. has passed 2.5 million, where Florida and Texas re-imposed coronavirus related restrictions. Gold is continued to be supported by renewed concerns over the coronavirus pandemic.
From a technical point of view, spot gold is trading within a bullish channel as shown on the 1-hour chart. Previously, it has rebounded sharply after reaching the lower boundary of the channel. Bullish investors might consider $1,761 as the nearest intraday support, while a break above the nearest resistance at $1,780 would open a path to the next resistance at $1,788. Alternatively, a break below $1,761 would suggest that the next support at $1,752 is exposed.
Source: TradingView, Gain Capital
Related tags:
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Gold Dips Below Three-Month Uptrend, Bitcoin Pulls Back from Nine-Month High
Gold has dipped below its three-month uptrend, while Bitcoin has pulled back from a nine-month high as U.S. bond yields test levels last seen in 2004 and 2007. Risks build as Fed rate-hike expectations remain above 70%, while the Dollar Index holds near yearly highs.
Oil, Gold Forecast: Two trades to watch 280926
Oil Rises as U.S.-Iran Peace Hopes Fade. Gold Breaks Down on Hawkish Fed Expectations as Treasury Yields and USD Rise.
Gold Outlook: XAU/USD hit hard as US yields, dollar resume ascent
A stronger dollar, surging front-end yields and renewed geopolitical tension have combined to push gold back towards key technical support.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.