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Gold demand picked up amid weaker US Dollar – GOLD Market Outlook – 01/06/2020

SquaredFinancial

Weaker than expected data out of the U.S on Friday sent the greenback lower as U.S consumer spending fell by 13.6% and the greenback printed below 98, while demand on the yellow metal picked up, hitting our resistance targets at $1730 and $1738 as U.S riots over the death of George Floyd weakened investor sentiment over the re-opening of the economy. $1750 resistance target looking in reach today, as gold prints above the 10 and 20 period moving averages on the hourly chart, in a sign of continuing strong bullish momentum.

Support: 1738 / 1730
Resistance: 1750 / 1764

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/gold-demand-picked-up-amid-weaker-us-dollar-gold-market-outlook-01-06-2020
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