Gold Under Pressure As USD Looks Undervalued
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Gold is marginally green this morning but has again struggled to retake what is now key resistance at 1248.8-1250. Yesterday's swing low comes in at 1242.4 and a new low today will keep the metal on track to test trend line and major three star support at 1230. We still believe that the Dollar is undervalued in the near term but the Fed has done just about as much as they could to lift expectations. Now the hard data must come in line and that starts with Existing Home Sales due at 9:00 am CT today.
Resistance – 1248.9-1252.1***, 1264**, 1268.5**, 1284.6**, 1292.8*, 1297.4-1300.3***
Support – 1242.4*, 1236.7*, 1230***, 1217.8**