Is gold correcting or is it just temporary?
Gold is trying to bounce back to the $2,350 level later in early Thursday trading and is looking towards the 2330 level. Gold prices stabilized amid a decline in the US Dollar along with US Treasury bond yields, as the market Market repositions ahead of US PPI inflation and ECB interest rate decision.
Gold shows it is correcting overbought conditions and still has room for additional slippages, although still considered a correction. Technical indicators are kept at extreme levels while the pair develops above solid bullish moving averages. The pair bottomed at $2,319.28.
The current important level around 2305 is where gold prices maintain confidence that they can create a new peak.
Sell 2353 - 2355 stop 2359
Buy 2305 - 2303 stop 2299
Resistance: 2355 - 2365 - 2375
Support: 2320- 2305
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