Low manufacturing and Gold rally!
By: Ahura Chalki
US Manufacturing and ISM Manufacturing data realized, less than market expectation and weighted on USD rate, during yesterday US season, which pushed Gold much higher. Trump administration’s multiple trade wars helping this process as well with new tariffs against Mexican products, which supposed to start from 10 Jun. Today FED chair, Powell Speaks will be in focus.
From the technical side, technical indexes have mixed signs. While in the H1 chart, Stochastic has correction sign with mainline and signal lines back into downside movement from above 80- level, RSI still moves in positive side and cannot confirm downtrend for now, in other hands, Gold in a down movement from $1328, with touching EMA-200, started raising up again. The next important uptrend level sits on $1334, which can open the doors for $1350 area. In the other side, breaking $1314 can take it to $1307 level.
Pivot point: 1320.88
Resistance levels: 1336.00 / 1343.08
Support levels: 1313.18 / 1298.70
The expected trading range for today is between 1313.18 support and 1343.08 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.