What 1 hr chart says ?
Fundamental description:
Gold Price is attempting a recovery from two-month lows of $1,872, heading back towards the $1,900 threshold. Investors resort to profit-taking in their US dollar long positions following the latest upsurge while progressing towards critical America’s Q1 preliminary GDP release. The world’s largest economy is likely to see a dramatic slowdown in growth in the beginning of this year. If the US GDP prints a negative reading, the dollar rally could regain momentum, as recession fears could likely creep in and trigger a flight to safety across the board.
Technical view:
As of writing, gold is trading near our S2. In 1 hr time frame it is trading near upper line of Bollinger bands. Reversal from that level may be seen during the session.
Alternate scenario: Bull may come forward to rescue gold in near term. But it will be interesting to see how strong they are in near term.
Gold Price is attempting a recovery from two-month lows of $1,872, heading back towards the $1,900 threshold. Investors resort to profit-taking in their US dollar long positions following the latest upsurge while progressing towards critical America’s Q1 preliminary GDP release. The world’s largest economy is likely to see a dramatic slowdown in growth in the beginning of this year. If the US GDP prints a negative reading, the dollar rally could regain momentum, as recession fears could likely creep in and trigger a flight to safety across the board.
Technical view:
As of writing, gold is trading near our S2. In 1 hr time frame it is trading near upper line of Bollinger bands. Reversal from that level may be seen during the session.
Alternate scenario: Bull may come forward to rescue gold in near term. But it will be interesting to see how strong they are in near term.
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