GOLD TECHNICAL & FUNDAMENTAL ANALYSIS
Overall bias - highly bearish
Gold made a new intraday low today in asian session, yesterday during NYSE we saw some pullbacks to collect more sell orders.
collected enough sell orders at 1844 to print a new intraday low with data overall positive for dollar.
PPI came out very high at 0.79% MOM (previous revised to -0.2%, consensus 0.496).
The only reason why Gold did not dump on this data is because philly Fed manufacturing index came out very bad at -24.3 (previous-8,9, consensus -7.4).
Fed speakers also brought some hawkish comments.
1825 is critical level and string support , we can see more deeper pullback to collect more sell ordes,
DXY did a nice pullback to 103.643KL to collect more buy orders and printed new intraday highs as data overall stronger for the dollar
This signals that the Feds have more tightening to do or they have to keep conditions tighter for longer.
In terms of economic data tomorrow we have:
> Export and Import prices MoM.
> Fed Barkin speech (14:30 CET).
TRADE SETUPS IN GOLD TODAY,
PULLBACK SELLS @ 1836 & 1852
SAFER SELLS BELOW 1828
BUY ON SUPPORT 1820 ON SMALLER TIME FRAME CONFIRMATION.
Gold made a new intraday low today in asian session, yesterday during NYSE we saw some pullbacks to collect more sell orders.
collected enough sell orders at 1844 to print a new intraday low with data overall positive for dollar.
PPI came out very high at 0.79% MOM (previous revised to -0.2%, consensus 0.496).
The only reason why Gold did not dump on this data is because philly Fed manufacturing index came out very bad at -24.3 (previous-8,9, consensus -7.4).
Fed speakers also brought some hawkish comments.
1825 is critical level and string support , we can see more deeper pullback to collect more sell ordes,
DXY did a nice pullback to 103.643KL to collect more buy orders and printed new intraday highs as data overall stronger for the dollar
This signals that the Feds have more tightening to do or they have to keep conditions tighter for longer.
In terms of economic data tomorrow we have:
> Export and Import prices MoM.
> Fed Barkin speech (14:30 CET).
TRADE SETUPS IN GOLD TODAY,
PULLBACK SELLS @ 1836 & 1852
SAFER SELLS BELOW 1828
BUY ON SUPPORT 1820 ON SMALLER TIME FRAME CONFIRMATION.
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