The price of the precious metal is rising with the weakening of the dollar.
Looking at the hourly chart, gold fell shortly after the US GDP report (initial rise in the dollar), but immediately reversed its course and is currently trading at its highest levels since April 16. At the bottom, the price failed to successfully break through 200 and 100 MAs.
There is also a 38.2% Fibonacci rise (from the trend decline after the peak on April 10). 50% of the same move is the next target of $ 1288.55. The short-term long-term risk will concentrate in the $ 1280.95 - $ 1283.32 area.
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.