GOLD

Spot gold bounced from new five-week low, posted after 1.5% fall previous day, but recovery was so far limited and stalled at $1472, maintaining firm bearish tone.
The yellow metal was hurt by fresh optimism as US and China came close to get the first phase of their trade deal done, that boosted risk appetite.
Thursday's fall came tick away from key support at $1459 (1 Oct low), loss of which would signal an end of $1459/$1519 consolidative phase and risk further weakness.
Break of $1459 pivot would risk test of key Fibo support at $1445 (38.2% of $1266/$1557 bull-leg).
Daily techs are in bearish setup, with gold being on track for the biggest weekly loss in two years that adds to negative outlook.
However, oversold daily stochastic warns that the price may show further hesitation to break lower and hold in extended consolidation.
Broken 100DMA ($1476) and daily cloud base ($1478) is expected to limit upticks and keep bears in play.

Res: 1472; 1476; 1478; 1482
Sup: 1465; 1459; 1453; 1445

XAUUSD

 

Interested in XAU/USD technicals? Check out the key levels

    1. R3 1517.48
    2. R2 1504.84
    3. R1 1486.41
  1. PP 1473.78
    1. S1 1455.35
    2. S2 1442.71
    3. S3 1424.28

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.

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