Slobodan Drvenica
Windsor Brokers
GOLD
Spot Gold remains well supported and posts fresh 3-week high on extension of yesterday’s almost $20 strong rally. Yesterday’s close above 1254 (Fibo 61.8% of 1283/1208 pullback), generated bullish signal for further gains, as gold is boosted by strong safe-haven demand.
Daily MA’s turned into full bullish setup, as rising daily Ichimoku cloud continues to underpin ascend, which emerged from 1208, where daily double-bottom was formed.
Gold is looking for next target at 1265 (Fibo 76.4%), with stronger bullish acceleration seen towards 1270 (17 Mar lower top) and full retracement of 1283/1208 downleg, being on the table.
Rally could be interrupted by corrective action, as daily Slow Stochastic is overbought, with immediate support at1255, followed by 1252 (hourly higher base) and1245 (broken daily Kijun-sen / Fibo 38.2% of 1216/1262 upleg), which is expected to ideally contain dips.
Res: 1265; 1270; 1283; 1290
Sup: 1255; 1252; 1245; 1239
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD stays in tight channel above 1.0750
EUR/USD continues to fluctuate in a narrow band slightly above 1.0750 after posting small gains on Monday. Disappointing Factory Orders data from Germany limits the Euro's gains as investors keep a close eye on comments from central bankers.
GBP/USD retreats below 1.2550 as USD recovers
GBP/USD stays under modest bearish pressure and trades below 1.2550 in the European session on Tuesday. The cautious market stance helps the USD hold its ground and doesn't allow the pair to regain its traction. The Bank of England will announce policy decisions on Thursday.
Gold declines below $2,320 amid renewed US Dollar demand
Gold trades in negative territory below $2,320 as the souring mood allows the USD to find demand on Tuesday. Nevertheless, the benchmark 10-year US Treasury bond yield stays below 4.5% and helps XAU/USD limit its losses.
Ripple lawsuit develops with SEC reply under seal, XRP holders await public redacted versions
Ripple lawsuit’s latest development is SEC filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
The impact of economic indicators and global dynamics on the US Dollar
Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory.