XAUUSD can stay in the range of 1250 USD -1300 USD for a while.
The US economy is growing and the expectation that inflation will be able to strengthen in 2018 is being negatively reflected in gold prices.
GOLD prices may move towards 1254 and price range from $ 1250-1300 during the month
.
On the other hand, the gold position of the ETF, which holds gold in their portfolio,
it is increasing again. The total positions of the funds that have been buying since the beginning of August reached 2160 tons
Powell was elected as the new President of the FED. He may continue to pursue the policy of incremental interest rates like Yellen.
North Korea resumed missile tests and has announced that they have the power to threaten the United States
However, the negative impact of US inflation and growth on gold prices is likely to continue for a while
Weekly Gold Forecast:
Ongoing political turmoil in U.S is helping gold prices limit its losses this week as the market remains within its narrowest trading range in 12 years. Equities, DXY and bond yields all dropped sharply after news broke that former White House national security advisor Michael Flynn pleaded guilty to lying to the Federal Bureau of Investigation.
Momentum grows for tax cuts and DXY and equity markets can move higher. This may put GOLD prices under pressure.
However, there is an underlying strength with equities markets holding near record highs, gold prices should be much lower. With all economic indicators and facts, GOLD prices were supposed to be somewhere between 1240-1250.
Conclusion:
I would not add LONG until XAUUSD makes daily closing above 1.296-1.300 USD. Or pulls backs towards 1263.
We might see a correction towards 1250 USD. And this retracement will the initial signal of the long-term GOLD rally.
I would not SHORT GOLD from the current levels. It was 1300 to short GOLD.
Daily Chart:
XAUUSD ended the week at the pivot level 1281 USD. 1265 is the daily support and 1296 is the resistance. Gold price is in the lower Bollinger Band of the Daily Chart. Price is below EMA 50 and EMA 100. EMA 200 support is 1269. RSI is 47 and neutral. However, it headed North.
On the H4 chart:
1283 – 1285 region is full of EMA resistance. It is likely that an H4 closing above 1285 will carry the prices 1296 resistance again. But the trend is bearish on the H4 Chart.
Gold prices will remain under pressure below 1281 and the first target will be 1269. A break below 1269 will carry the price 1265 – 1263.
As I mentioned above; I would not SHORT GOLD from the current level. I will try to use possible pullbacks towards 1263 as a buying opportunity.
There are two different patterns are being formed in different chart timeframes. I will watch them carefully.
The US economy is growing and the expectation that inflation will be able to strengthen in 2018 is being negatively reflected in gold prices.
GOLD prices may move towards 1254 and price range from $ 1250-1300 during the month
.
On the other hand, the gold position of the ETF, which holds gold in their portfolio,
it is increasing again. The total positions of the funds that have been buying since the beginning of August reached 2160 tons
Powell was elected as the new President of the FED. He may continue to pursue the policy of incremental interest rates like Yellen.
North Korea resumed missile tests and has announced that they have the power to threaten the United States
However, the negative impact of US inflation and growth on gold prices is likely to continue for a while
Weekly Gold Forecast:
Ongoing political turmoil in U.S is helping gold prices limit its losses this week as the market remains within its narrowest trading range in 12 years. Equities, DXY and bond yields all dropped sharply after news broke that former White House national security advisor Michael Flynn pleaded guilty to lying to the Federal Bureau of Investigation.
Momentum grows for tax cuts and DXY and equity markets can move higher. This may put GOLD prices under pressure.
However, there is an underlying strength with equities markets holding near record highs, gold prices should be much lower. With all economic indicators and facts, GOLD prices were supposed to be somewhere between 1240-1250.
Conclusion:
I would not add LONG until XAUUSD makes daily closing above 1.296-1.300 USD. Or pulls backs towards 1263.
We might see a correction towards 1250 USD. And this retracement will the initial signal of the long-term GOLD rally.
I would not SHORT GOLD from the current levels. It was 1300 to short GOLD.
Daily Chart:
XAUUSD ended the week at the pivot level 1281 USD. 1265 is the daily support and 1296 is the resistance. Gold price is in the lower Bollinger Band of the Daily Chart. Price is below EMA 50 and EMA 100. EMA 200 support is 1269. RSI is 47 and neutral. However, it headed North.
On the H4 chart:
1283 – 1285 region is full of EMA resistance. It is likely that an H4 closing above 1285 will carry the prices 1296 resistance again. But the trend is bearish on the H4 Chart.
Gold prices will remain under pressure below 1281 and the first target will be 1269. A break below 1269 will carry the price 1265 – 1263.
As I mentioned above; I would not SHORT GOLD from the current level. I will try to use possible pullbacks towards 1263 as a buying opportunity.
There are two different patterns are being formed in different chart timeframes. I will watch them carefully.
A retracement towards 1304, 1300 can be seen. Then I predict the price will move up targeting 1340 and 1355