Chart of the day: The challenge for gold
Gold appreciated during Tuesday’s trading session with prices challenging US$1,260 per ounce amid a weaker US dollar, according to a report by FXTM. Taking a look at the technical picture, the yellow metal still remains in a downtrend on the daily charts despite Monday’s appreciation. Price action suggests that gold is currently in the process of a technical bounce with strong resistance found at US$1,267. If the current upside momentum loses steam before US$1,267, then prices are at risk of edging back down towards US$1,250. Sustained weakness under US$1,250 could open a path back towards US$1,230, FXTM’s report said.