European Seeion Yellow Metal Upside Bias 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
