European Session XAUUSD, Fight between Bears & Bulls
Updated
XAUUSD Technical Overview:
Day Trading Range: $1186 - $1208
Pivot: 1198.00 (CMP XAUUSD $1199.11)
Key Resistance: $1200.00 - $1205.45 - 1212.85
Key Support: $1196.27 - $1192.69 - $1188.55
Most Likely Scenario: long positions above 1198.00 with targets at 1204.00 & 1207.00 in extension.
Alternative scenario: below 1198.00 look for further downside with 1196.50 & 1193.00 as targets.
Technical Indicators:
MACD: MacD lacks with a bullish bias.
Moving Avg: SMA200 ($1205.03) strong resistance & SMA100 ($1195.46) strong support for the day.
Fundamentals:
I think that gold markets are going to continue to struggle at the hands of the US dollar though, and of course the situation that we have seen in the emerging markets. Because of this, it’s likely that we will continue to struggle for longer-term direction overall, and I think that we continue to see the five dollar levels offer both support and resistance. As I record this, the $1205 level looks as if it is trying to offer a bit of support.
In general, this is a very messy market so it’s more or less the realm of scalpers. However, I would be willing to buy physical gold and in fact have a couple of times recently as I think longer-term this is going to be thought of as a very cheap level. The jobs number coming out today will of course have a lot of influence on the US dollar, which by extension will have a lot of influence on gold.
Thanks
YoCyptoManic
Day Trading Range: $1186 - $1208
Pivot: 1198.00 (CMP XAUUSD $1199.11)
Key Resistance: $1200.00 - $1205.45 - 1212.85
Key Support: $1196.27 - $1192.69 - $1188.55
Most Likely Scenario: long positions above 1198.00 with targets at 1204.00 & 1207.00 in extension.
Alternative scenario: below 1198.00 look for further downside with 1196.50 & 1193.00 as targets.
Technical Indicators:
MACD: MacD lacks with a bullish bias.
Moving Avg: SMA200 ($1205.03) strong resistance & SMA100 ($1195.46) strong support for the day.
Fundamentals:
I think that gold markets are going to continue to struggle at the hands of the US dollar though, and of course the situation that we have seen in the emerging markets. Because of this, it’s likely that we will continue to struggle for longer-term direction overall, and I think that we continue to see the five dollar levels offer both support and resistance. As I record this, the $1205 level looks as if it is trying to offer a bit of support.
In general, this is a very messy market so it’s more or less the realm of scalpers. However, I would be willing to buy physical gold and in fact have a couple of times recently as I think longer-term this is going to be thought of as a very cheap level. The jobs number coming out today will of course have a lot of influence on the US dollar, which by extension will have a lot of influence on gold.
Thanks
YoCyptoManic
Trade active
US Mixed Data released:The U.S. added 201,000 new jobs in August, a sign the economy was still expanding strongly toward the end of summer. The unemployment rate was unchanged at 3.9%. The biggest news was higher worker pay. The average wage paid to American workers rose by 10 cents, or 0.4%, to $27.16 an hour. The yearly rate of pay increases climbed to 2.9% from 2.7%, marking the highest level since the end of the Great Recession in June 2009. Employment gains for July and June, meanwhile, were revised down by a combined 50,000, the Labor Department said Friday. The government said 147,000 new jobs were created in July instead of 157,000. June's increase was cut to 208,000 from 248,000.
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