On Thursday, the price of gold rose despite the strengthening of the dollar. When the Commerce Department revealed that Personal Consumption Expenditures had increased to a 40-year high, the inflation statistics was in line with forecasts.
Gold rose in price but stayed within a narrow range. Prices have fallen through resistance, which has now been replaced by short-term support at 1,936. $2070 is considered as resistance around the March highs.
The 1934.14 level of support and the 1936.54 level of resistance serve as the key support and resistance levels. Currently, the price is below the pivot point of 1935.67. The EMA10 is moving between both the EMAs of 200 and 100, indicating a bullish condition. Stochastic is moving toward the low ranges. The RSI is moving toward the level of 30 and the ADX is showing a horizontal signal. The MACD histogram is in positive territory and may create a downward signal.

• There is resistance at 1936.54, followed by resistance at 1938.07 and 1938.94.
• There is support at 1934.14, Below, there is 1933.27 and 1931.74.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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