Gold ended weak but recovered from its losses supported by rallies across many commodities and a weaker dollar.
Gold is sometimes bought as a hedge against instability in other markets, rising on weakness in equities or currencies. When those markets are stable, it can be a signal that investors are more comfortable moving their money into riskier assets, sapping gold's momentum.
Now technically market is trading in the range as RSI for 18days is currently indicating 30.87, where as 50DMA is at 18554 and gold is trading below the same and getting support at 17793 and below could see a test of 17724 level, And resistance is now likely to be seen at 17958, a move above could see prices testing 18054.
Trading Ideas:
Gold trading range is 17724-18054.
Gold ended weak but recovered from its losses supported by rallies across many commodities
Gold looks to take support at 17800 and resistance at 17960.
In spot gold looks to take support at 1180$ and resistance at 1194$
