Should we still count on more bullish?
By: Ahura Chalki
Yesterday Gold started its movement positively and reached the key resistance of $1285, however, ended the day with almost the same price of opening in its way down to try key support of $1275 and now trading around $1277.50. Today is a very important day for USD index, as well as US stocks since it is full of very important news and different data will come out during the US season. GDP, Trade Balance, Jobless and Pending home sale, all of them are very determinative and the market will be so sensitive, this is the expectation. For today my recommendation is to wait until all data will be realized, to have a better idea of where the market goes.
From the technical side, Candles moved under MA, from late of last night and were closing all of them in M30 and H1 charts, under the MA line. In the other hand, while RSI with a gentle downward slope crossed the 50-level and moves on 32-level, still does not have any specific sign of oversold situation, MACD also remains of bearish still, with forming its Histogram under o-line.
Pivot point: 1280.91
Resistance levels: 1282.80 / 1287.31
Support levels: 1276.40 / 1274.51
The expected trading range for today is between 1274.51 support and 1287.31 resistance.
The analyses here are just an Idea and no investment consulting. Invest in the Financial market has a high level of risk. In case if you are looking for a personal investment consultant, can contact us.