The yellow metal gold has traded sharply bearish, dropping from the 1,930 mark to the 1,912 level. Gold gained support at 1,912, the same level that extended support previously after a violation of a symmetric triangle pattern. Gold fell despite a dip in the U.S. stocks as they posted modest losses after a choppy session. The Dow Jones Industrial Average fell 98 points (-0.35%) to 28210, the S&P 500 dropped 7 points (-0.22%) to 3435, and the Nasdaq 100 eased 12 points (-0.11%) to 11,665.
On the forex front, the U.S. dollar widened its weakness against other major currencies amid a looming fiscal stimulus deal. The ICE Dollar Index dropped 0.48% to a 7-week low of 92.61, posting a four-session losing streak.
The U.S. Federal Reserve said in its Beige Book economic report that all districts have seen continued growth at a moderate pace since the downturn. The central bank added that employment increased across all districts, and prices rose modestly.
Daily Technical Levels
Pivot point: 1909.87
On the downside, the 1,912 support level’s breakout may trigger further selling unto the 1,897 mark today. Conversely, gold has solid probabilities of jumping off above the 1,912 level to trade bullish unto the 1,930 level. Let’s look for bullish trades over the 1,909 level today.
Entry Price – Sell 1920.15
Stop Loss – 1914.15
Take Profit – 1926.15
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$600/ +$600
Profit & Loss Per Micro Lot = -$60/ +$60
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