Gold turns things around to start the session, now higher on the day

Technical Analysis

Author: Justin Low | gold

Gold moves back above $1,900

Gold D1 12-08
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A steady set of bids in the past hour is underpinning precious metals, helping to see gold and silver move off earlier lows and into positive territory on the day.

Gold is now up by 0.3% to $1,920 after having fallen to a low of $1,863 earlier in Asian trading - close to the March to June trendline support highlighted above.

In my view, that trendline support is a key level to watch this week for gold as a break below that could spell more pain in the rout but for now, dip buyers are leaning close to that level to step back into the picture after the sharp fall yesterday.

Silver is also now up by a little over 1% to $25.10 after having fallen to $23.45 earlier.

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