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By: Ahura Chalki
The bad day of the world economy
Yesterday we had one of the bad days for the world economy. It started in Japan, the Euro Area, and the US. Most of the economic data were negative and less than expected. This news and data brought risks back to the market. For today US trade balance and initial jobless besides ECB meeting will be in focus as investors are looking forward to knowing more about the bank’s measures. Today’s economic data in case it will be negative will send gold back to its bullish trend and $1460 will be easily available and vice-versa will keep the Gold at the same level or a bit less, until FED meeting.
From the technical side, In the H1 chart, price steal moving between Bollinger both upper and lower bands and remains the side movement of the past 3 trading days and this is the exact signal which RSI also with moving around 50-level is conforming. MACD’s histogram also is so small and a bit up or under zero level for the last days. All indicators remain of side movement, for now.
Pivot point: 1424.05
Resistance levels: 1431.88 / 1437.30
Support levels: 1418.64 / 1410.80
The expected trading range for today is between 1410.80 support and 1431.88 resistance.
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