(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();

Gold Price Turns Positive Above $1,290, Could Test $1,310

Article background

Aayush Jindal

Key Highlights

  • Gold price started a fresh increase above $1,285 and $1,290 resistances against the US Dollar.
  • A key bullish trend line is forming with support at $1,290 on the 4-hours chart of XAU/USD.
  • The US Import Price Index advanced 0.2% in April 2019 (MoM), less than the +0.7% forecast.
  • The US Retail Sales in April 2019 could increase 0.2% (MoM), less than the last +1.6%.

Gold Price Technical Analysis

After forming a support base above $1,265, gold price started a strong upward move against the US Dollar. The price broke the key $1,280 and $1,290 resistance levels to move into a positive zone.

Gold Price Technical Analysis

The 4-hours chart of XAU/USD indicates that the price gainedbullish momentum after it broke the $1,288 pivot level and the 100 simplemoving average (4-hours, red).

Finally, there was a close above $1,292 and the 200 simplemoving average (4-hours, green). It opened the doors for more gains and theprice climbed above $1,300. A swing high was formed near $1,303 and the priceis currently correcting lower.

An immediate support is near $1,292 and the 50% Fibretracement level of the latest wave from the $1,281 swing low to $1,303 high. Moreimportantly, there is a key bullish trend line forming with support at $1,290on the same chart.

The main support is near $1,290 and the 61.8% Fibretracement level of the latest wave from the $1,281 swing low to $1,303 high.As long as the price is above $1,290 and the 200 SMA, it is likely to continuehigher.

A break above the recent high at $1,303 might push the pricetowards the $1,308 and $1,310 resistance levels in the near term.

Looking at the major pairs, EUR/USD failed once again near the 1.1265 resistance area and GBP/USD traded below a couple of important supports near the 1.2950 level.

Economic Releases to Watch Today

  • German GDP Q1 2019 (YoY) (Prelim) – Forecast0.7%, versus 0.6% previous.
  • German GDP Q1 2019 (QoQ) (Prelim) – Forecast0.4%, versus 0% previous.
  • Euro Zone GDP Q1 2019 (QoQ) (Prelim) - Forecast 0.4%,versus 0.4% previous.
  • Euro Zone GDP Q1 2019 (YoY) (Prelim) - Forecast 1.2%,versus 1.2% previous.
  • US Retail Sales April 2019 (MoM) – Forecast +0.2%,versus +1.6% previous.
  • Canadian Consumer Price Index April 2019 (MoM) –Forecast +0.3%, versus +0.7% previous.
  • Canadian Consumer Price Index April 2019 (YoY) –Forecast +1.7%, versus +1.9% previous.
Great
Trustpilot
Open an AccountOpen Share Account24/7 Support
Loading