Due to the Ukrainian worries, gold opened a gap up on Monday and flew to a new high this year. But within one day, the demand cooled after Russia appeared to ease its stance regarding the situation in Ukraine, as a result, gold price erased all of the previous session’s gains. In yesterday’s trading session, gold dropped to strong support at $1,329.0, which was Monday’s low. Bears will tighten their grip if the price breaks below the level of $1,329.0.
The focus now turns to the US. Trades eye today’s Non-farm payroll and PMI data, Thursday’s Unemployment claims, Friday’s non-farm employment change. Job numbers will act as the key indicators for further trading session this week.
In the Asia’s trading session, gold is trading at the level of $1,335.0
Technical view-
Positive factors-
· Holding the level of $1,329.0 Monday’s high and 200EMA
· RSI favours long side, in the hourly and weekly charts
$1,333.0 is acting as strong support for intraday basis- H4 chart
Negative factors-
· Oscillators favour bears- daily chart
Intraday- go long with sl $1,331.0 and targets $1,338, $1,340, and $1,343.0
S1 $1,333.0 R1 $1,339.0
S2 $1,330.0 R2 $1,343.0
S3 $1,328.0 R3 $1,351.0
Positional- In case of close below $1,292.0, the trend changes
S1 $1,328.0 R1 $1,352.0
S2 $1,319.0 R2 $1,355.0
S3 $1,311.0 R3 $1,361.0
The material has been provided by InstaForex Company – www.instaforex.com
Due to the Ukrainian worries, gold opened a gap up on Monday and flew to a new high this year. But within one day, the
demand cooled after Russia appeared to ease its stance regarding the situation in Ukraine, as a result, gold price erased all of the previous session’s gains. In yesterday’s trading
session, gold dropped to strong support at $1,329.0, which was Monday’s low. Bears will tighten
their grip if the price breaks below the level of $1,329.0.
The focus now turns to the US. Trades eye today’s Non-farm
payroll and PMI data, Thursday’s Unemployment claims, Friday’s non-farm employment
change. Job numbers will act as the key
indicators for further trading session this week.
In the Asia’s trading session, gold is trading at the level of $1,335.0
Technical view-
Positive factors-
·
Holding the level of $1,329.0 Monday’s high and
200EMA
·
RSI favours long side, in the hourly and
weekly charts
$1,333.0 is acting as strong support for intraday
basis- H4 chart
Negative factors-
·
Oscillators favour bears- daily chart
Intraday- go long with sl $1,331.0 and targets $1,338, $1,340, and $1,343.0
S1 $1,333.0 R1 $1,339.0
S2 $1,330.0 R2 $1,343.0
S3 $1,328.0 R3 $1,351.0
Positional- In case of close below $1,292.0, the trend changes
S1 $1,328.0 R1 $1,352.0
S2 $1,319.0 R2 $1,355.0
S3 $1,311.0 R3 $1,361.0
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: