Chart of the day: Gold

Blake Morrow Forex Analytix

Gold is in a strong and narrow $45 point range. Support is at the 1790 level and resistance is at the 1835 level. We have been in this range for the last month since the beginning of July. The great news is a break of either the range highs or lows will create a $40+ point move in either direction. As traders, just knowing where the key levels is 1.2 the battle. The good news is we know them heading into one of the most important data points for the month tomorrow, the Non Farm Payrolls jobs report.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.