Technical analysis of Gold for August 12, 2015
August 12, 2015 8:10 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
After the yuan devaluation, the USD spiked suddenly at yesterday’s session. But the reality comes to the limelight in the form of a currency war and delay in the US interest rates hike. The metal extended the rally towards the crucial resistance level of $1,120.00 but was rejected.
Bank of Montreal analyst Jessica Fung said that after the devaluation of the Chinese yuan, gold and silver may get some support due to safe-haven investors’ demand. Gold is expected to trade sideways, rather more down. If the second half of this year China’s economic data shows stronger economic growth, “safe haven” effect may dissipate. Gold and silver prices are likely to rise driven by the interest rates hike by the Federal Reserve.
The world’s largest gold ETF – SPDR Gold Trust holdings held steady compared to the previous day at the same level of 667.69 tons.
The weekly support is found at $1,085.00, $1,077.00, and $1,073.00. A weekly close below $1,085.00 opens way to $1,068.00 initially, later the metal is likely to grow towards $1,045.00, and $1,005.00. On the monthly chart, strong support zone is seen between $1,045.00 and $1,032.00. The metal fell below a 14-year ascending trend line on the monthly chart.
The 20Dsma is seen at $1,099.00. Bulls must close above $1,110.00 to retain the new momentum. The parallel resistance seems at $1,120.00, $1,122.00, and $1,128.00.
The intraday momentum oscillators are indicating overbought levels. The upmove was capped at yesterday’s session.
Support is set at $1,102.00, $1,098.00, and $1,092.00. Resistance seems at $1,110.00, $1,115.00, and $1,120.00.
The trend suggests buying on dips with sl $1,091.00, intraday positional sl $1,085.00.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: