Printable View
Gold
Todays my technical analysis of gold.
Trend is : sell
Resistance and supporting level
Resistance level
1 Resistance is: 1282
2 Resistance is: 1285
3 Resistance is: 1287
Supporting level
1 Supporting is: 1269
2 Supporting is: 1264
3 Supporting is: 1262
Gold Analysis today
Market short term
Buying
PIVOT POINT 1276.40
S1 ) 1274.10
S2 ) 1267.50
S3 ) 1264.53
R1 ) 1280.44
R2 ) 1286.32
R3 ) 1291.60
Today Analysis GOLD
Market Trend BEARISH
Pivot Point 1280.28
S 1 1271.77
S 2 1266.15
S 3 1257.63
R 1 1285.91
R 2 1294.43
R 3 1300.05
XAUUSD could not make the characteristic huge move against the USD yesterday. . . but we're still within major strong bullish bias, however, there is a scenario on H4, the metal is trapped between 1802 and 1782
Price of Gold Fundamental Weekly Forecast – Powell, Fed Minutes Will Drive Dollar, Ultimately Gold DirectionLast week’s price action strongly indicates the U.S. Dollar is the biggest influence on the direction of gold prices. Gold prices could continue to get crushed if demand for the greenback rises from a combination of safe-haven demand and a strengthening U.S. economy.
My Analysis
GOLD
Market Trend
Bullish
PIVOT 1280.52
R 1 1286.14
R 2 1294.65
R 3 1308.79
S 1 1272.01
S 2 1266.39
S 3 1252.26
Gold fell 2.46% against the greenback this week as global equity markets rallied on optimism that European officials will be able to avert a Greek default. Sentiment remains fragile however as increased volatility in financial markets and uncertainties about future growth prospects persist
Hence, any subsequent intraday positive momentum seems more likely to confront a stiff resistance/take a brief pause near the 0.6945-50 region, which marks another confluence region comprising of 38.2% Fibonacci retracement level and 200-hour EMA.
gold, the price goes down sharply yesterday. 1296.20 price to penetrate the area. This further strengthens the case if the daily MA has been trending down sharply, and is under the daily MA MA weekly trending down. there is no other option than sell. if you want to sell wait for the price bounces around MA daily. likely the price will go to 1280.10. but if it fails to be heading 1296.20
Gold needs to remain above this level.
After temporarily breaking back up through the $1300 mark at the beginning of last week, gold has now racked up 5 straight days of losses as investors exit the precious metal as safe haven in favor of the US dollar which has been powering ahead on the back of trade tensions between the US and China as well as a continuous flow of data coming out of the US.
“The safe-haven demand of the U.S. dollar is taking some of the gloss off gold’s safety,” said Michael McCarthy, chief market strategist, CMC Markets.
“It is a tough time all around for gold with the break below $1,290 also pressuring it. In the absence of safe-haven demand I would expect to see ongoing modest pressure on gold prices.” He added.
Gold is trading today at around $1270 an ounce and is pushing down towards a critical support level of between $126050 and $1260 an ounce and if this price fails to hold, we may be in for further losses.