European Session Gold is Slipping XAUUSD Technical Overview
Day Trading Range: $1182 - $1200.45
Key Resistance: $1194.85 - $1196.00 - $1200.45 - $1204.87
Key Support: $1190.35 - $1186.85 - $1183.68 - $1179.20
Pivot: 1196.50
Most Likely Scenario: short positions below 1196.50 with targets at 1189.50 & 1187.00 in extension.
Alternative scenario: above 1196.50 look for further upside with 1201.00 & 1204.00 as targets.
Technical Indicators:
StochRSI: The indicator is mixed with a bearish bias.
MACD: MacD shows short term bullish divergence but range is down side bias.
Fundamentals:
Gold markets are reacting to the US dollar strengthening around the board, and at this point I think that will continue to be the major driver of gold. More with the US dollar climbing based upon higher interest rates and of course the concerns with emerging markets, it makes sense that gold will struggle. Pay attention to the EUR/USD pair if you’re a Forex trader, because of that breaks down below the 1.15 level, it’s likely that the US dollar will strengthen yet again, driving gold to fresh, new lows. If we can turn around and recapture the $1205 level, at that point I would anticipate a move to $1210, followed by $1215.
Thanks
YoCryptoManic
