Gold finds some buyers on dollar selling

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Gold is trading at its lowest level since April 2020

The price of gold increases by about $10 on the day. The current price is trading at $1674.11. The high price reached 1680.41 USD. THE low extended to the lowest level since April 2020 at $1654.28.

The rebound took the price back into a swing area between $1670.88 and $1688.91. Also in that area is 61.8% of the move up from the 2020 low at $1687.87.

The gains are helped by a lower dollar (traders are starting to see weakness) and yields coming modestly off highs.

However, it would still need a move above the 1688.91 level to pull the precious metal out of bearish mode anytime soon, and even then it will only be a start.

However, a break above should remain above the area ahead and looking at the hourly chart, the price should go back above the 100 and 200 hour MAs at 1696.07 and $1704.30 (and moving lower – see blue and green lines). in the diagram below). Until then, the buyers do not win.

The goals are set. It’s up to the buyers to push to and through if they want to get back in the game (with some control).

Gold is correcting higher but work to be done

Source

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