Gold is trading $18 higher early in Asian trading to $3366. It rose as high as $3370 to briefly top the Asian peak from yesterday in a sign of solid demand.
Earlier this week, gold hit a record high above $3500 but that led to a powerful round of profit taking into Wednesday's trading in the US. That's since stabilized and the US dollar was soft again earlier in US trade. Now we're seeing fresh signs of Asian demand.
Some levels
The first line to watch is whether gold can hold above yesterday's Asian high of $3367 and then I will be eyeing the 50% retracement level at $3380, followed by the all-important $61.8% level at $3409. That would be a big hill to climb before the weekly close and imply a further $42 rally from here.
If that were to happen, it would be a powerful dip-buying signal and sign of a strong appetite from real money gold buyers.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about gold attracts strong bids early in asia was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Gold attracts strong bids early in Asia )
Also on site :
- AI cloud startup Runpod hits $120M in ARR — and it started with a Reddit post
- Tim McGraw Teases New Music With Cryptic Photos & Fans Can't Keep Their Cool
- Popular Streamer Ninja Makes Personal Announcement With His Wife