![]() ![]() Short-term support begins at the 61.8% Fibonacci retracement which occurs at $1698.10. Above that is the 38.2% Fibonacci retracement at $1745.30. ![]() The next level of resistance is at the 50% retracement from the data set detailed above at $1621.70. On a short-term basis using a one-hour time cycle, we have added a Fibonacci retracement set beginning from the highs set at $1821 concluding at the triple bottom which resides at approximately $1621. According to the KGX (Kitco Gold Index) traders bidding the precious yellow metal higher accounted for $28.15 with the remaining gain of $9.05 directly attributable to dollar weakness. Spot gold is currently fixed at $1712.70 and had a larger price gain than December futures today gaining $37.20. Currently, the dollar index is down by 0.44% and fixed at 109.505. The dollar index did trade to a lower low, a lower high, and a lower close than yesterday's trading range. ![]() While the dollar played a small part in today's solid breakout it only accounted for roughly 25% of the dynamic move witnessed in gold. For the six hours following gold's dynamic break to the upside gold consolidated in a very small range trading to a high of $1720.40 and a low of $1712 with little volatility following the dynamic swing.Īs of 4:43 PM, EST December futures are currently fixed at $1715.80 after factoring in today's gain of $35.30 or 2.10%. In the time of one hour gold made gained $35 starting on the New York open ($1678.0 and one hour later was at $1716.90. The first hour of trading in New York contained almost the entire trading range in gold. After trading to a low of $1667, December gold broke strongly above the 50-day moving average in a single hour. Gold futures basis the most active December contract opened in trading today at $1678. ![]()
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