Gold: How the market responds to an early pullback today will be key [Video]
We were building the case for a gold breakout yesterday, noting that the market needed to push through several key resistance levels. With a solid bull candle that added +$18 into the close yesterday, the bulls made good progress but could not quite overcome the final couple of hurdles. The bulls pulled up short of the October high of $1933 whilst also the market closed back under the 23.6% Fibonacci retracement (of $1451/$2072 at $1926). With momentum not leading the market higher (RSI still stuck in the low 50s, MACD lines still below zero) the bulls cannot breakout quite yet. How the market responds to an early pullback today will be key. We discussed yesterday about the near term importance of $1910/$1914 breakout support holding and it seems to be doing so this morning. Hourly indicators have unwound into areas where the bulls should be looking to buy if they are really intent on a breakout too. Read More...
Gold bulls in Pole position before US election
Gold (XAU/USD) is moving sideways in the 21 ema zone. But price action recently bounced at the Fibonacci support levels. The XAU/USD is testing the 21 ema zone resistance. A bullish breakout above the Fractal and resistance trend line (purple) confirms the uptrend continuation (green arrows).
A bullish break increases the probability of a wave 4 completed plus the start of the wave 5 (pink). Price will be building a wave 1-2-3 (purple) within that wave 5. Read More...
Gold off lows, still in the red around $1920 region
Gold traded with a mild negative bias through the early European session, albeit has managed to trim a part of its daily losses to the $1911-10 region.
The precious metal witnessed some selling on Thursday and eroded a part of the previous day's positive move to levels just above the $1930 level, or seven-day tops. A modest pickup in the US dollar demand was seen as one of the key factors exerting some pressure on the dollar-denominated commodity. However, a fresh leg down in the equity markets helped limit any deeper losses. Read More...
|Today last price||1915.51|
|Today Daily Change||-8.99|
|Today Daily Change %||-0.47|
|Today daily open||1924.5|
|Previous Daily High||1931.54|
|Previous Daily Low||1906.22|
|Previous Weekly High||1933.3|
|Previous Weekly Low||1882.46|
|Previous Monthly High||1992.42|
|Previous Monthly Low||1848.82|
|Daily Fibonacci 38.2%||1921.87|
|Daily Fibonacci 61.8%||1915.89|
|Daily Pivot Point S1||1909.97|
|Daily Pivot Point S2||1895.43|
|Daily Pivot Point S3||1884.65|
|Daily Pivot Point R1||1935.29|
|Daily Pivot Point R2||1946.07|
|Daily Pivot Point R3||1960.61|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.