XAUUSD Technical Overview:
Day Trading Range: $1186 - $1208
Pivot: 1196.75
Key Support: $1194.45 - $1188.88 - $1184.50
Key Resistance: $1198.25 - $1203.88 - $1208.89
Technical Indicators:
MACD: MacD is having low selling volume.
RSI: RSI is still below 50 level.
Moving Avg: SMA100($1197.68) & SMA200 ($1203.13) strong resistance for yellow metal..
Most Likely Scenario: short positions below 1196.75 with targets at 1191.25 & 1189.50 in extension.
Alternative scenario: above 1196.75 look for further upside with 1198.75 & 1202.00 as targets.
Fundamental:
Gold markets of course are very sensitive to the fate of the US dollar, which is getting sold off during trading on Monday as it has been stated by the EU official we may be within two months of the Brexit negotiated deal. If that’s the case, it would be very good for the Euro, and even better for the British pound. In other words, it should lead to more US dollar selling. However, we have the concern over emerging markets, which has kept the dollar elevated. All of this noise is contributing to a very choppy and difficult gold market.
Thanks
YoCrypotoManic
Day Trading Range: $1186 - $1208
Pivot: 1196.75
Key Support: $1194.45 - $1188.88 - $1184.50
Key Resistance: $1198.25 - $1203.88 - $1208.89
Technical Indicators:
MACD: MacD is having low selling volume.
RSI: RSI is still below 50 level.
Moving Avg: SMA100($1197.68) & SMA200 ($1203.13) strong resistance for yellow metal..
Most Likely Scenario: short positions below 1196.75 with targets at 1191.25 & 1189.50 in extension.
Alternative scenario: above 1196.75 look for further upside with 1198.75 & 1202.00 as targets.
Fundamental:
Gold markets of course are very sensitive to the fate of the US dollar, which is getting sold off during trading on Monday as it has been stated by the EU official we may be within two months of the Brexit negotiated deal. If that’s the case, it would be very good for the Euro, and even better for the British pound. In other words, it should lead to more US dollar selling. However, we have the concern over emerging markets, which has kept the dollar elevated. All of this noise is contributing to a very choppy and difficult gold market.
Thanks
YoCrypotoManic
Trade closed: target reached:
We have made 80 pips in one side and 40 pips on the way.