Gold – Nervous equities may come to rescue

FX:XAUUSD   Gold Spot / U.S. Dollar
Hourly Chart

FormationFalling channel

Support – 1270, 1263, 1255

Resistance – 1279, 1284, 1295

  • Rebound from $1256.77 ran out of steam near $1280 levels. If followed by a bearish break below hourly 50-MA (currently at $1270) would shift risk in favor of a re-test of channel support at $1255.
  • The hourly RSI , at 42.00, remain in favor of bears.
  • Meanwhile, bears should treat a rebound of hourly 50-MA with caution as such a rise if followed by a break above $1280 could translate into a rally towards channel resistance seen at $1284 levels.

US equities suffered losses in the overnight trade, with DJIA             dropping 217 points. Meanwhile, treasury yields are hardly showing any signs of life despite rally in oil             . Consequently, gold             has little to worry about except technical factors. The data docket is thin as well with just weekly jobless claims due for release. Fed speak due after data release is likely to try and talk up June rate hike bets.
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