Yellow Metal Struggling After US Job Data
XAUUSD
Pivot: 1198.00
Day Trading Range : $1186.45 - $ 1198.89
Key Resistance: $1196.45 - $1198.89 - $1204.00
Key Support: $1189.56 - $1186.45 - $1182.27
Technical Indicator:
Moving Avg: SMA1100($1196.60) & SMA200($1204.16) both are strong resistance for yellow metal for the day.
MACD: MacD having negative volume for Gold.
Most Likely Scenario: short positions below 1198.00 with targets at 1193.25 & 1190.00 in extension.
Alternative scenario: above 1198.00 look for further upside with 1203.00 & 1207.00 as targets.
Fundamental:
Gold futures closed lower last week with the selling pressure attributed to safe-haven buying of the U.S. Dollar and a jump in Treasury yields fueled by stronger-than-expected U.S. Non-Farm Payrolls data. The selling could have been worse, however.
Bullish speculators seem to believe that the Fed is moving closer to neutrality, which means the dollar is not likely to strengthen very much. Additionally, safe haven buyers are also taking positions in the Japanese Yen and Swiss Franc. If you trade the relationship between gold and the Dollar Index and your bullish gold, all you’re hoping for is a rally in the Euro.
Thanks
YoCryptoManic
Pivot: 1198.00
Day Trading Range : $1186.45 - $ 1198.89
Key Resistance: $1196.45 - $1198.89 - $1204.00
Key Support: $1189.56 - $1186.45 - $1182.27
Technical Indicator:
Moving Avg: SMA1100($1196.60) & SMA200($1204.16) both are strong resistance for yellow metal for the day.
MACD: MacD having negative volume for Gold.
Most Likely Scenario: short positions below 1198.00 with targets at 1193.25 & 1190.00 in extension.
Alternative scenario: above 1198.00 look for further upside with 1203.00 & 1207.00 as targets.
Fundamental:
Gold futures closed lower last week with the selling pressure attributed to safe-haven buying of the U.S. Dollar and a jump in Treasury yields fueled by stronger-than-expected U.S. Non-Farm Payrolls data. The selling could have been worse, however.
Bullish speculators seem to believe that the Fed is moving closer to neutrality, which means the dollar is not likely to strengthen very much. Additionally, safe haven buyers are also taking positions in the Japanese Yen and Swiss Franc. If you trade the relationship between gold and the Dollar Index and your bullish gold, all you’re hoping for is a rally in the Euro.
Thanks
YoCryptoManic
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