Gold price bounces off support
The spot gold price recovery from its late June $3244.42 low has been followed by another up leg to last week’s $3365.92 high before it dipped to Monday’s $3296.28 low before regaining lost ground.
While Monday’s low at $3296.28 holds, a rise above Friday’s $3345.17 high is on the cards. If overcome, last week’s high at $3369.92 would be back in the picture.
If overcome, the 23 June high at $3393.64 would be back in focus, together with the 5 June peak at $3403.62.
Potential slips may find support between the 55-day simple moving average (SMA) at $3322.10 and the 3 July low at $3311.63.
Failure at Monday’s $3296.28 low would put the December to July uptrend line at $3274.57 back on the map.
Further potential support sits between the 29 May and 30 June lows at $3245.56 to $3244.42.
