Slobodan Drvenica
Windsor Brokers
XAU/USD
Gold is trading within a narrow range in European session on Tuesday but holding slight bid after Monday’s bounce which recovered around 50% of Friday’s post NFP 1.5% fall.
Technical studies are mixed on daily chart, as the metal’s price is holding in a larger range $1932/$1983) after sing 100DMA contained several attack and kept the downside well protected, while upside attempts were repeatedly rejected on failure at falling 20DMA.
Range trading is likely to extend as traders look for fresh direction signals, particularly focusing on Fed’s policy outlook, as policymakers meet next week.
Meanwhile, US economic data would continue to fuel gold movements, with focus on inflation report, which is expected to contribute the most to Fed’s decision and will be released just a day ahead of central bank’s verdict.
Pivotal resistances lay at $1976/83 (broken Fibo 38.2% / June 1,2 double-top /range ceiling,), followed by daily cloud top ($1993).
Lower triggers lay at $1932/26 (range floor / daily cloud base) with break at either side to generate strong direction signal.
Res: 1976; 1983; 1993; 2000.
Sup: 1957; 1938; 1932; 1926.
Interested in XAU/USD technicals? Check out the key levels
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
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.