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Gold – Prices could test 38.2% Fibo hurdle on weak US data

FX_IDC:XAUUSD   GOLD / US DOLLAR
Resistance - $1363, $1370, $1380

Support - $1357, $1350, $1340

  • Despite gold’s retreat from the recent high of $1375 to $1350 yesterday, the overall bullish outlook remains intact; hence a bullish break from the falling channel could yield $1380 (38.2% of 2011 high – 2015 low).
  • On the other hand, failure to take out falling channel resistance followed by a break below previous day’s low of $1350 would open doors for a slide to $1343-1340 ( falling channel support).
  • Only a bearish break from falling channel would suggest a short-term top is made at $1375 and could yield a drop to $1300 in days ahead.
Note – Weak US data (non-farm payrolls and/or wage growth figures) could push gold             higher to $1380. A daily closing above the same would expose $1400-1433 levels.
faris.makki PRO
7 months ago
Nicely done. There is also negative divergence in the RSI of the 1 day chart
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TipTVFinance PRO faris.makki
7 months ago
Nice. Thanks
Reply
TipTVFinance PRO faris.makki
7 months ago
Check gold in EUR terms as well.
Reply
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