Slobodan Drvenica
Windsor Brokers
GOLD
Spot gold is consolidating after 0.75% advance on Wednesday, which generated bullish signal on break and close above pivotal Fibo barrier at $1472 (Fibo 38.2% of $1515/$1445 fall). Gold was strongly boosted by Fed's decision to keep interest rates unchanged on the last meeting in 2019 and more by signals that the central bank might keep the policy unchanged through 2020. Adding to positive outlook is the uncertainty about US/China trade negotiations as the 15 Dec deadline for imposing new tariffs on Chinese goods nears and if the US proceeds, fresh risk aversion would be sparked that would further inflate yellow metal's price. On the other side, bulls may stall if two sides agree to delay tariffs. Daily techs are supportive as bullish momentum continues to rise, MA's (10/20/30) in positive setup and daily Tenkan-sen/Kijun-sen are converged and attempting to form bull-cross. Repeated close above broken $1472 pivot would add to positive signals and open way towards initial target at $1480 (50% retracement / 55DMA) and more significant $1489 level (Fibo 61.8% / daily cloud base / 100DMA). Initial support lays at $1472, followed by rising 10DMA ($1468) and 20DMA ($1466) with break of the latter to generate negative signal and sideline bulls.
Res: 1478; 1480; 1484; 1489
Sup: 1472; 1468; 1466; 1462
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
US economy grows at an annual rate of 1.6% in Q1 – LIVE
The US' real GDP expanded at an annual rate of 1.6% in the first quarter, the US Bureau of Economic Analysis' first estimate showed on Thursday. This reading came in worse than the market expectation for a growth of 2.5%.
EUR/USD retreats below 1.0700 after US GDP data
EUR/USD came under modest bearish pressure and retreated below 1.0700. Although the US data showed that the economy grew at a softer pace than expected in Q1, strong inflation-related details provided a boost to the USD.
GBP/USD declines below 1.2500 as USD rebounds
GBP/USD declined below 1.2500 and erased the majority of its daily gains with the immediate reaction to the US GDP report. The US economy expanded at a softer pace than expected in Q1 but the price deflator jumped to 3.4% from 1.8%.
Gold holds near $2,330 despite rising US yields
Gold stays in positive territory near $2,330 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield is up more than 1% on the day above 4.7% after US GDP report, making it difficult for XAU/USD to extend its daily rally.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.