ForecastsTechnical AnalysisXAUUSD Gold ForecastXAUUSD Gold Technical Analysis

Gold Fundamental And Technical Overview

Gold Fundamental And Technical Overview

USD surged to its strongest in more than a year, making Gold more expensive for buyers with other currencies.

Investors rushed to the safety of the greenback as the Turkish lira collapsed as much as 14 per cent on Friday to a record low, Russia’s rouble crumbled to a two-year bottom and the euro and pound touched their weakest in a year.

Gold as a safe haven asset is finding some interest but it is still under bearish pressure.

There is a battle going on (in the gold market) between the strengthening dollar and some safe-haven demand emerging from the contagion risk following the collapse of the lira.

Today we will have US Inflation figures. Shortterm direction will be determined by the US Data.

Technically:

Gold is trading at 1213  below EMA 50 of the H4 Chart.  A negative data may carry the price to 1218. Breakout of 1218 resistance will take the price 1224 and 1234.

A better than expected US data will lead the prices 1204 support. If safe haven demand scenario does not work, it is likely to test 1198 and 1180 USD.

Rules To Keep In Your Mind:  Trade Safe. Money  Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

Gold: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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