Gold (GOLD) is gaining over 1% today, climbing above $3,300 per ounce and testing a key technical level. This level corresponds to the upper boundary of a bullish flag formation, reinforced by the top of a price channel and the 61.8% Fibonacci retracement of the downward wave from the second half of June. A decisive breakout above $3,350 per ounce could signal another strong medium-term bullish impulse for gold.
Demand for ‘safe haven’ assets remains solid, amid a partial cooling of sentiment on Wall Street today, a weaker U.S. dollar, and signs of declining demand for U.S. Treasuries. Additional fiscal burdens resulting from Donald Trump’s tax cut program are also contributing. The U.S. dollar index (USDIDX) is down more than 0.7% today, further supporting gains in the precious metals market.
GOLD (H1 timeframe)
Source: xStation5
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