Gold climbs by nearly 1% to $1,810 as the dollar softens a little to start European morning trade today
After falling and closing below $1,800 yesterday, gold looked poised to move towards a retest of the November low @ $1,764.80 as sellers keep with the downside break.
But at least for now, buyers are showing signs of life as we see them capitalise on the slight nudge lower in the dollar to start the session.
Gold has moved back up from $1,795-99 to $1,810 as buyers try to claw back some momentum after having faltered at key levels earlier in the week.
It is still too early to call for any major return to the upside for gold but this is certainly an encouraging sign that dip buyers are still in the game.
Buyers have much work to do in order to seize back near-term control as that would require a push back towards the key hourly moving averages around $1,834-41 currently.
However, when looking at broader sentiment for precious metals, silver appears to be holding at support close to $26.00 and is now pushing back above its 200-hour moving average of $26.56 as price is up by over 1% to around $26.70.
That could provide some encouragement for gold buyers but just bear in mind the risk levels at play currently, with the dollar also testing some key levels against the euro and yen as we look towards the end of the trading week.
