Gold Technical Analysis: More ranges near the 2018 low

Gold spent the week oscillating between the 1,206 support and 1,217.00 resistance.
Gold is debating whether to resume the bear trend below 1,204.10, the 2018 low, or create a bullish reversal by breaking above 1,217.89-1,220.90 area.
A breakout above 1,217.89-1,220.90 area can lead to an acceleration towards 1,236.28 July 13 low, key level.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Gold daily chart

Spot rate: 1,211.40
Relative change: -0.07%
High: 1,217.20
Low: 1,205.50

Trend: Bearish / Double bottom attempt with 1,204.00 July 10, 2017

Resistance 1: 1,213.70 July 31 low
Resistance 2: 1,217.89-1,220.90 area, August 6 high and July 18 low
Resistance 3: 1,223.00 consolidation area
Resistance 4: 1,225.90 July 17 low
Resistance 5: 1,232.00 consolidation area
Resistance 6: 1,236.28 July 13 low, key level
Resistance 7: 1,241.50 intraday swing low
Resistance 8: 1,245.65 June 28 low

Support 1: 1,211.17 July 19 low
Support 2: 1,205.50-1,204.10 area, August 10 low and 2018 low
Support 3: 1,194.30 March 10, 2017 low
Support 4: 1,180.62 2017 January 27 low

Author

Flavio Tosti

Independent Analyst

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.