XAUUSD analysis post ADP

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Hi guys. We have been absent for a few weeks but are now back. Taking a quick look at Gold             post ADP.

Clearly we can see that the dollar has regained some strength after the outflows into Yen and Euro             during the Greek crisis (June/July/early August). It should be noted that there have been murmurings of further QE to be undertaken by the ECB. At this stage they are simply murmurings, however. This could potentially mean divergence between US and EU monetary policies which could cause dollar strength in the coming months and possible flows out of Gold             as investors look to a stronger US economy (remember, whatever Yellen would have to say and the data coming out of the US would be dependent on this strength).

Although a slight miss on the ADP figure today (190k act. vs 200k expected) the dollar has kept relative strength . Friday will be a big day.

For Gold             to bring in fresh buyers, I would be looking at a breach of the $1159-65 level, but at this stage that looks rather unlikely. In addition, the point of control on the H4 chart is down towards 1095.74. I would not expect to reach this level, however at this stage the downside is much more exposed than the upside.

Form your own opinions.

Not to be taken as investment advice.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
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
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