European Session XAUUSD fear from $XAUUSD Technical Overview:
Pivot: $1197.20
Day Trading Range: $1200 - $1186
Key Resistance: $1196.44 - $1200.00 - $1205.89
Key Support: $1193.35 - $1189.56 - $1186.78
Technical Indicators:
Moving Avg: SMA100 ($1198.33) & SMA200($1200.12) strong resistance for the day.
MACD: MacD is having low buyer volume and try to get seller volume soon.
Most Likely Scenario: short positions below 1197.25 with targets at 1192.00 & 1187.50 in extension.
Alternative scenario: above 1197.25 look for further upside with 1200.00 & 1202.00 as targets.
Fundamental:
Yellow Metal continue to be held hostage to the US dollar which can’t seem to get its direction Set. This has a lot to do with emerging markets and of course the global trade issues, and as a result the gaining US dollar continues to weigh upon the Gold markets overall. If that’s going to be the case, I think that the market will probably continue to offer selling opportunities on rallies, and that’s probably how you should play this market.
Thanks
YoCryptoManic
