US Edition[Opinion] Spot Gold Falls Below $3,290/oz as U.S. Consumer Confidence Rises to 98 in May
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Daily Technical Analysis: US Dollar Index Breaks Above 100, and Gold Falls Below $3,250
The US dollar remains bullish against major currencies. The dollar index (DXY) broke above 100 in early trading today as it reached a high of 100.54. USDJPY is up 2.5% so far this week and it broke 146.00 earlier today. All three short term and mid term moving averages are slopping upward. Price is being supported by these dynamic support levels, which confirms the upward trend. A correction toward the moving average MA(30) is expected before co…
Gold remains in a tight range between $3,290 and $3,320
Gold prices bounce off moving average support, reclaiming the $3,300 level. XAU/USD technical levels remain firm within a bull flag pattern. Momentum remains neutral with a narrow range hinting at the potential for a breakout. Gold prices are threatening key technical layers of support on Wednesday, with Bullion searching for a fresh catalyst to drive prices out of the confines of the bull flag pattern. After erasing 1.25% on Tuesday, the moment…
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