GOLD

Spot gold price rose above $1500 handle on Friday, recovering from $1507/ $1483 dip after Fed rate cut. Widely expected action of the US central bank resulted in rather mild action of the dollar that kept the yellow metal, which usually moves in opposite direction, largely unchanged. Gold price holds in two-week consolidation range after pullback from $1557 (new six-year high) found footstep at $1484 zone (reinforced by the top of rising daily cloud), but recovery attempts were limited and capped by converged 20/30DMA's at $1515 zone. Near-term action lacks firmer direction signals as daily techs remain in mixed setup, suggesting that current congestion may extend. The yellow metal will look for a catalyst to spark fresh action and signal direction, with Brexit story and forecasts on Fed's next steps, to be also in focus of traders. Higher base and daily cloud top ($1484) mark pivotal support, followed by rising 55DMA ($1476), with firm break lower expected to generate stronger bearish signal for extension of pullback from $12557 peak. Conversely, lift and close above $1515 resistance zone would signal completion of higher base and shift near-term focus higher.

Res: 1512; 1515; 1520; 1524
Sup: 1498; 1490; 1484; 1476

XAUUSD

 

Interested in Gold technicals? Check out the key levels

    1. R3 1520.49
    2. R2 1512.35
    3. R1 1505.59
  1. PP 1497.45
    1. S1 1490.69
    2. S2 1482.55
    3. S3 1475.79

 

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

AUD/USD consolidates the rally above 0.67 on China's PMI, weaker USD

AUD/USD consolidates the rally 0.6700 after the Chinese Caixin Manufacturing PMI beat estimates with 50.7. Bulls are relieved that Trump's China news conference didn't mention trade, downing the US dollar broadly. Focus shifts to US ISM Manufacturing PMI. 

AUD/USD News

USD/JPY off highs, tracks broad USD weakness

USD/JPY drops back towards 107.50 following another failed attempt towards 108.00, despite a risk-on rally in the Asian equities. The spot tracks broad US dollar weakness, especially after US President Trump's softer stance on China boosted risk appetite. 

USD/JPY News

Trump tenderness, China's Caixin, boost Asia

Asia is off to a rollicking start to the week with equities performing strongly and currency markets rotating out of haven US Dollars. The turbocharging of bullish sentiment this morning has multiple drivers starting with President Donald Trump. 

Read more

Gold: Teasing a rectangle breakout, $1750 in sight

Gold bulls gathering pace for the next push higher. The extension of last week’s rally in the yellow metal is mainly driven by the sell-off in the US dollar across the board, in the wake of US-China trade war relief and escalating US riots.

Gold News

WTI: Overbought RSI challenges the bulls above $35.50

WTI seesaws around 7-week-old resistance line, retreats from highest since March 11. A short-term ascending trend line on the bears’ radars during the pullback. 100-day SMA, 61.8% Fibonacci retracement together offers strong upside barrier.

Oil News

Forex Majors

Cryptocurrencies

Signatures