Gold hopeful in latest upside push today

<p>The yellow metal has struggled in the last two months as price corrects lower but have we found a bottom? The $1,900 mark is where the downside momentum seems to be stalling, with price also hanging on at the 61.8 Fib retracement level at around $1,904:</p><p>That said, the recent push higher have been running into some resistance around $1,935-37 and we are trading thereabouts again today. Gold is up 0.6% to $1,936 levels as the dollar is continuing to struggle a little with bond yields also lower across the board. 10-year Treasury yields are down 3.8 bps to 3.968% currently.</p><p>This is seeing gold keep rather hopeful for a stronger rebound if it can shake off the recent resistance region above.</p><p>However, there is some immediate key resistance from the 100-day moving average (red line) at $1,949.70 and that might be a tougher level for buyers to break in the sessions ahead. It looks like it might come down to the US CPI data tomorrow to validate or vindicate any conviction for gold to try and break back to the upside.</p><p>Either way, all the dollar-related charts are certainly showing some poise and that tells you something. We are starting to move back to a point where the dollar could break lower again and if it does, it will show up on multiple charts and gold is one of them.</p>

This article was written by Justin Low at www.forexlive.com.