Lower dollar has the price of gold moving higher
Up $16.50 on the day. Looks toward trend line resistance
The dollars decline (trading at near the lowest level since 2015) has gold moving higher.
The price of gold is trading up about $16.50 or 0.60% at $1338.72. The price traded as low as $1308 on Wednesday.
The move higher has the precious metal looking toward a topside trend line at $1344.36. The high price from 2017 was up at $1357.
Per an earlier post , the dollar index is testing the lowest level since 2015. A move below that level would be more bearish technically for the greenback. That could spell more upside for the price of gold too. Be aware.
In the currency markets.
- The EURUSD is cracking higher and trades above the 50% retracement at 1.2166
- The GBPUSD is running away from the 1.3700 level and the 2017 high at 1.3654. We trade at 1.3731 now. A broken trend line on the hourly chart comes in at 1.3707 and is now risk
- The USDJPY moved down to 110.906 and tested a lower trend line on the hourly at 110.84 (see chart below). The price is back above the 111.00 level.