By: Ahura Chalki
Gold on pause!
As the US market was closed yesterday (earlier because of US independent day), Gold price moves flat around $1419. Most economic data released yesterday especially from the US and China were negative, just Europe was a bit better generally. All negative news now helps Gold to keep its role as a safe haven. Today there is not important news to effect on the gold price, so better to trade with support and resistance levels till Friday and NFP data to be realized.
From the technical side, RSI moves flat, with any bullish or bearish signal, while Stochastic has a slightly bearish signal. Also, the price is above the 50-day moving average, which is confirming Gold, generally it is on the bullish channel.
Pivot point: 1421.57
Resistance level: 1431.20 / 1447.35
Support level: 1405.42 / 1395.75
The expected trading range for today is between 1405.42 support and 1431.20 resistance.
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