European Seeion Yellow Metal Upside Bias
Updated
XAUUSD Technical Overview:
Pivot: $1200.20
Day Trading Range: $1196 - $1214
Key Resistance: $1208.45 - $1212.89 - $1215.55
Key Support: $1204 - $1200.20 - $1196.28
Technical Indicator:
MACD: MacD is loosing bullish bias.
Moving Avg: SMA100 ($1201.03) & SMA200 ($1199.63) strong support for the day.
Technical Most Likely Scenario: long positions above 1200.00 with targets at 1208.25 & 1212.50 in extension.
Technical Alternative scenario: below 1200.00 look for further downside with 1196.00 & 1192.50 as targets.
Fundamental:
Gold markets have rallied significantly during the trading session on Thursday but hit a brick wall of resistance above the $1215 level, and I think that there are a couple of moving pieces right now that are throwing the markets around. The US economy printed a lower than anticipated CPI number, and that sent the greenback lower, and by extension sent the Gold markets higher. However, at the same time there is comments coming out of the European Union that further stimulus may be needed by the central bank, which is positive for the US dollar as the EUR/USD pair essentially drives the majority of US dollar flows.
Thanks
YoCryptoManic
Pivot: $1200.20
Day Trading Range: $1196 - $1214
Key Resistance: $1208.45 - $1212.89 - $1215.55
Key Support: $1204 - $1200.20 - $1196.28
Technical Indicator:
MACD: MacD is loosing bullish bias.
Moving Avg: SMA100 ($1201.03) & SMA200 ($1199.63) strong support for the day.
Technical Most Likely Scenario: long positions above 1200.00 with targets at 1208.25 & 1212.50 in extension.
Technical Alternative scenario: below 1200.00 look for further downside with 1196.00 & 1192.50 as targets.
Fundamental:
Gold markets have rallied significantly during the trading session on Thursday but hit a brick wall of resistance above the $1215 level, and I think that there are a couple of moving pieces right now that are throwing the markets around. The US economy printed a lower than anticipated CPI number, and that sent the greenback lower, and by extension sent the Gold markets higher. However, at the same time there is comments coming out of the European Union that further stimulus may be needed by the central bank, which is positive for the US dollar as the EUR/USD pair essentially drives the majority of US dollar flows.
Thanks
YoCryptoManic
Trade active
Before US Data Release Technical Idea:Most Likely Scenario: long positions above 1204.00 with targets at 1210.45 & 1214.50 in extension.
Alternative scenario: below 1204.00 look for further downside with 1200.00 & 1196.00 as targets.
Trade active
U.S. Retail sales register smallest monthly rise in six months.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.