Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Gold trades weak, market eyes US NFP data

  • Gold has declined almost $10 from the high of $1340.35 yesterday on slight jump in US dollar after dovish statement by ECB yesterday. The yellow metal decline will be protected due to uncertainty in global market on account of US trade war. This might increase safe haven demand and that will support gold price. US dollar rose sharply almost 60 pips till 90.31 from temporary low of 89.41 and is trading at 90.15.
     
  • ECB said that bond buying program will continue till Sep and longer if needed. it has not given any specific end date. The dovish stance by ECB has dragged Euro down till 153 pips.
     
  • The yellow metal has broken major support $1320 (55- day EMA) and declined till $1316.70. This confirms minor weakness, a dip till $1305/$1300 likely  Any violation below $1299 will drag the gold till $1288 (200- day MA).
     
  • The near term resistance is around $1330 (50- day MA) and any break above will take the yellow metal till ay $1341/$1348/$1355. Overall bullish continuation only above $1366.

It is good to sell on rallies around $1320-21 with SL around $1327 for the TP of $1309/$1305.         .

 

 

 

 

 

 

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

June 22 14:30 UTC Released

USECRI Weekly Annualized

Actual

3.1 %

Forecast

Previous

2.7 %

June 22 14:30 UTC Released

USECRI Weekly Index

Actual

150.1 %

Forecast

Previous

149.3 %

January 31 00:00 UTC 206181206181m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 206181206181m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 218001218001m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 206181206181m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 218001218001m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 206181206181m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 206181206181m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 206181206181m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.