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30 Sep 2013
Gold gaps up but gives back most of the gains early Monday
FXstreet.com (Barcelona) - Concerns out of Europe and the US caused the gold bugs to emerge from the woodwork at the open on Sunday. However, the US Dollar’s upside lean has capped and is now working on eliminating gold’s gains.
Gold seems to need DXY weakness to rally seriously
Any upside in gold may likely be limited as long as the DXY rallies and the euro tumbles. Even with there being plenty of reason to sell the greenback, those urges are far outweighed by the flight of investors out of the euro on concerns over Italy.
Technical outlook for gold
Technicians say resistance for gold comes in at 1355, 1370 and 1385 – the first of which was tested on Sunday night’s gap up. Support for gold comes in at 1305.
Gold seems to need DXY weakness to rally seriously
Any upside in gold may likely be limited as long as the DXY rallies and the euro tumbles. Even with there being plenty of reason to sell the greenback, those urges are far outweighed by the flight of investors out of the euro on concerns over Italy.
Technical outlook for gold
Technicians say resistance for gold comes in at 1355, 1370 and 1385 – the first of which was tested on Sunday night’s gap up. Support for gold comes in at 1305.