XAUUSD Technical Overview:
Day Trading Range: $1186 - $1208
Pivot: 1195.00
Key Resistance: $1204.45 - $1212.00 - $1218.85
Key Support: $1195.45 - $1188.45 - $1182.00
Technical Trading Idea:
Most Likely Scenario: long positions above 1195.00 with targets at 1201.00 & 1204.00 in extension.
Alternative scenario: below 1195.00 look for further downside with 1193.00 & 1189.50 as targets.
Technical Indicator:
MACD: MacD advocates for further upside.
Moving Avg: SMA100 ($1194.63) strong support $ SMA200 ($1205.79) strong resistance for the day.
Fundamentals:
Gold markets rally during the trading session on Wednesday as it was reported that the UK and Germany were possibly coming together a bit on the Brexit negotiations, and this of course in the EUR/USD pair in the GBP/USD pair higher. In other words, drove down the value of the US dollar which of course is good for gold overall. With that being the case, the market looks very likely to test the $1205 level. If we can get above that level, it could free the market to go to the $1210 level next. In the meantime though, I would expect a lot of volatility, and just as much selling pressure as buying, as the markets are very erratic in general. I would trade this market in five dollar ranges, going back and forth to keep your P&L safe. If we do break down below the $1200 level, I think somewhere near the 1196 level there should be some buying support.
Today’s market hours will see release of ISM Non-Manufacturing PMI, Crude Oil Inventory and ADP Non-Farm employment change data and a hawkish outcome in same could help USD gain upper hand against the shared currency.
Thanks
YoCryptoManic
Day Trading Range: $1186 - $1208
Pivot: 1195.00
Key Resistance: $1204.45 - $1212.00 - $1218.85
Key Support: $1195.45 - $1188.45 - $1182.00
Technical Trading Idea:
Most Likely Scenario: long positions above 1195.00 with targets at 1201.00 & 1204.00 in extension.
Alternative scenario: below 1195.00 look for further downside with 1193.00 & 1189.50 as targets.
Technical Indicator:
MACD: MacD advocates for further upside.
Moving Avg: SMA100 ($1194.63) strong support $ SMA200 ($1205.79) strong resistance for the day.
Fundamentals:
Gold markets rally during the trading session on Wednesday as it was reported that the UK and Germany were possibly coming together a bit on the Brexit negotiations, and this of course in the EUR/USD pair in the GBP/USD pair higher. In other words, drove down the value of the US dollar which of course is good for gold overall. With that being the case, the market looks very likely to test the $1205 level. If we can get above that level, it could free the market to go to the $1210 level next. In the meantime though, I would expect a lot of volatility, and just as much selling pressure as buying, as the markets are very erratic in general. I would trade this market in five dollar ranges, going back and forth to keep your P&L safe. If we do break down below the $1200 level, I think somewhere near the 1196 level there should be some buying support.
Today’s market hours will see release of ISM Non-Manufacturing PMI, Crude Oil Inventory and ADP Non-Farm employment change data and a hawkish outcome in same could help USD gain upper hand against the shared currency.
Thanks
YoCryptoManic
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