XAUSD, H1

On Monday (December 3),  I noted that Gold’s  “new “line in the sand” at $1230 was also tested, breached and eventually broken. R3 at $1235 is pushing the price into over bought territory and the more significant daily resistance area. The October high was $1243.50″. The follow through bid on gold has continued this week and in low volumes, ahead of the US jobs data later today, Gold remains bid. Yesterdays (December 6) spike higher stalled at  $1244.31, above the October high at $1243.50. However, the key for Gold this week was the close on Tuesday (December 4), north of the $1235 level and the congestion zone that had not been breached significantly during the October move up.

XAUUSD

Daily resistance now sits at $1242.50-1243.00 (R1 and the key 200-day moving average) a close above here will be required for a continued move higher. Weekly resistance sits at $1248.00. The 38.2 Fibonacci level at 1238.30 now becomes first support, with S1 and S2 at  $1233.35 and 1229.00 respectively.  In conclusion, $1230.00 remains the “line in the sand” and the  breach and hold of $1235 is positive for future Gold price appreciation.  The US jobs data at 13:30 GMT is the key risk event.

XAUUSD

Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.

EUR/USD News

GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.

GBP/USD News

Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex Majors

Cryptocurrencies

Signatures