CommoditiesTrader

Gold Remains Range Bound After Big Day

FX:XAUUSD   Gold/U.S. Dollar
Gold remains supported but still range bound.

Traders pile into gold             following more signs that the US recovery is stuck in neutral, causing the metal to jump over $20 per ounce to a high of $1,218.84 per toz. Retail sales sour economists’ hopes of a strong consumer as core retail sales, ex-autos, rise only .1 percent. This was .4 percent lower than expectations and .6 percent lower than the following month’s print. Retail sales,month-over-month, did not show any growth.

Economists, like Deutsche Bank’s Joe LaVorgna, that were quick to point out weather conditions were to blame for poor data were rather tame following April’s data. Retail sales, year-over-year, were the worst its been since the financial crisis kicked off in 2008. That’s comforting.

The US dollar index             fell sharply, closing below 94. The fall from grace has been swift, and dollar-priced commodities have been well supported. Profit taking during the Asian trading session has gold             above $1,212 per toz, and silver             hangs onto $17 per toz.
Even though today’s session for precious metals were great to watch, or trade, it still remains traders that precious metals are range bound – even after the dollar’s move lower.

Essentially, gold             has been trading is a large range that covers about $1,140 to $1,224. The top of the range lies a supply zone that price action has yet to breakout of, and the intraday chart is showing the sideways action of gold’s trend.

The intraday price action remains mixed. There is profit taking near the top of the sideways action, but gold             has been able to close above the minor downward trend within the range. Demand will lie at $1,207/9 and $1,200, while a deeper retracement is probable at $1,192 per toz. There is bullish EMA activity, but the 4H chart remains in overbought territory.

Gold             , and the dollar, could see further action tomorrow. Initial jobless claims will be followed by the producer price index, which saw it’s first positive print last month in its last five.
jangseohee
2 years ago
Dude,
have not seen your post for quite sometime ^_^
+1 Reply
CommoditiesTrader jangseohee
2 years ago
Yeah, just been super busy. Bought a home, living the... American dream? Lol. Anyways, my schedule frees up a lot more towards the end of the month and I am eager to get back to posting. Check out my twitter, Its easier for me to update in the meantime.
+1 Reply
Justiceisfalse
2 years ago
I wouldnt be surprised threw everyone for a loop..... AGAIN and failed the 1225-20 level by the close today.
+2 Reply
CommoditiesTrader Justiceisfalse
2 years ago
Lol it did, but price action is currently breaking out. As thought, it's still supported (even though there are several resistance points ahead). The continued onslaught of economic data out of the US is not helping to foster the dream of a "recovery." There's no real loop in the sense that gold has been playing technical ping-pong for a while. Gold's bandwagon needs to circle a few more times to pick up the stragglers ;)

Not to mention, you can piggy back the gold trade of the Swissy.

snapshot
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out