Overnight, Gold saw significantly choppy price action as the price broke above the resistance level of 1834 to trade up to the 1846 price area.
However, as the DXY recovered in strength, Gold has retraced to retest the resistance and turned support level again.
At this level, look towards the DXY for further hints regarding the next directional bias of Gold.
If the DXY continues to strengthen, Gold could trade lower down to the next support level at 1819.75, which aligns with the 61.8% Fibonacci retracement level.
However, as the DXY recovered in strength, Gold has retraced to retest the resistance and turned support level again.
At this level, look towards the DXY for further hints regarding the next directional bias of Gold.
If the DXY continues to strengthen, Gold could trade lower down to the next support level at 1819.75, which aligns with the 61.8% Fibonacci retracement level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.