Daily Forecast - 19 May 2017
Gold Spot
Gold held quite strong resistance at 1264/65 & initially bottomed just over a point below support at 1252/51 but only bounced 4 points. Eventually we bottomed a fraction above the next target & support at 1245/44 for a bounce to the 1251/52 resistance. This is only minor so further gains if seen target 1255/56, 1258/59 & perhaps as far as strong resistance at 1264/65. We should struggle here but a break higher this time is certainly possible. A weekly close above would be a buy signal for the start of next week targeting 1271/72 & 1277/78 before mega important 4.5 year trend line resistance at 1280/83.
The best support for today at 1245/44 but longs need stops below 1240. A break lower targets the next buying opportunity at 1234/32. Try longs with stops below 1228.
Interested in Gold technicals? Check out the key levels
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
GBP/USD consolidates above 1.2500, eyes on US PCE data
GBP/USD fluctuates at around 1.2500 in the European session on Friday following the three-day rebound. The PCE inflation data for March will be watched closely by market participants later in the day.
Gold clings to modest daily gains at around $2,350
Gold stays in positive territory at around $2,350 after closing in positive territory on Thursday. The benchmark 10-year US Treasury bond yield edges lower ahead of US PCE Price Index data, allowing XAU/USD to stretch higher.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.