The gold crucial crossing of Daily SMA200

The gold has been exposed to profit taken following the release of Jan US labor report which has shown lower unemployment rate at 4.9% but with adding of only 151k of jobs out of the farming sector.

The Gold has been boosted earlier this week,after Fed's vice president Stanley Fischer could add uncertainty to the markets about the interest rate outlook in US by saying that the next of the step Fed is still unclear amid the global uncertainty.

He said it clearly that it is too difficult to gauge the impact on the U.S. economy from recent turmoil in financial markets and uncertainty over China, after the FOMC said last week that it is assessing currently the global economic slowdown and the financial development implications for the labor market, the inflation, and for the balance of risks to the outlook.   

His comments underpinned the Gold and caused problem to the greenback generally versus its rival currencies which have been depressed by the Fed's first hiking interest rate decision since 2006 by the end of last year.

The gold could gain momentum this week following getting over its daily SMA200. The gold gathering of this momentum started following surpassing its daily SMA100 which came accompanied with getting over surpassing $1112.75 which capped it on last Nov. 4.

$1071.22 could help the gold previously to bounce up again above its daily SMA50 forming a floor at $1057.98 which drove the gold to start being above its daily Parabolic SAR (step 0.02, maximum 0.2)for 25 consecutive days reading today $1124.17.

XAUUSD daily RSI-14 is referring  now to existence in the neutral region just below its overbought area above 70 reading now 69.666, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is still having now its main line in its overbought area above 80 reading 86.200 below its signal line which is reading now 90.506. 

After this rising acceleration by God's will,the next resisting level can be at $1163.09 which stopped it today, before $1182.68 peak which came last Oct. 28 below its highest level since Jun. 25 at$1191.33.

While the setting back can face now supporting level at $1108.26, before $1100 psychological level which can be followed by $1071.22.

Have a good day