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

FX_IDC:XAUUSD   Gold Spot / U.S. 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.
Nicely done. There is also negative divergence in the RSI of the 1 day chart
TipTVFinance faris.makki
Nice. Thanks
TipTVFinance faris.makki
Check gold in EUR terms as well.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out