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Can we finally see the 1.8K?
By: Ahura Chalki
Gold kept its uptrend last week after almost two weeks of side movement, reacted to raising the new infected numbers of COVID-19. As the virus spreading more, some states in the US lowering down the reopening process and some of them announced that Beaches and entertainment areas will be off for the weekend holiday, which will be long holidays with the US independent day on Friday.
On the other hand, last week’s jobless Claims in the States, despite the decline, was above the forecast.
The week ahead investors and market participants, will pay attention to NFP data as well, which will be published on Thursday at the same time with weekly Jobless claims. After shocking 2.5M raising of last month, the market forecast is about 3M, however, even so, two months raising comparing with more than 22 Million unemployed numbers is not much happiness.
This week we also need to monitor the comments from both Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin for hints on further stimulus measures as they testify before the House Financial Services Committee on Tuesday.
Technical overview – H4 Chart
RSI at 66, price moves above main MA lines as well as OBV trend line. Technical indicators remain of more bullish at the moment. $1779.40 as last week’s high, is next resistance, breathing above this level will put the 1,800 in the spotlight.
Pivot point: 1764.75
Resistance levels: 1782.00 / 1789.30
Support levels: 1757.55 / 1740.22
Today, the expected trading range is between 1757.55 support and 1789.30 resistance.
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