The gold strengthened when the dollar got under pressure

28 July, 2016

The gold strengthened when the dollar got under pressure in the USD/JPY after Abe Sindzó’s comments regarding the fiscal stimulus implementation next week. The Fed decision regarding the rates and the regulators’ comments supported the yellow metal by the end of the day.

Current situation

Technically, the main trend is up. Traders pushed the gold higher yesterday; the session high was marked at 1340. The resistance is seen at 1360, the support stands at 1330.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ positions strength. If MACD returns into the negative area the sellers will take control over the market. Indicator RSI grew to the overbought area.

Technically, the 1 hour chart shows that the instrument grew and broke through the 50, 100 and 200 EMAs. The 50, 100 and 200 Day EMAs are turning upwards.

Trading recommendations

We believe the gold will grow towards the resistance 1360.


Source link  
Asian stock indexes drop

Equity indexes in Asia were mainly lower in late hours on Wednesday, as investors’ sentiment was affected by a weak close on Wall Street...

Market sentiment is improving

On Tuesday, global markets were able to change the mood and moved to gain, with some of the European markets recovering all Monday's losses...

Global markets consolidate

At the beginning of the week, the global market sentiment remains restrained, as stock markets are under pressure despite the start of the...


OPEC's output cuts extension

The oil market will be in focus in the next few days as the Organization of the Petroleum Exporting Countries and a group of independent producers...

Black friday: how do they affect markets?

While for some people Thanksgiving may still be a day to thank ‘god’ for the blessing of the harvest (office jobs also apply?), nowadays is a holiday...

Asian markets are mainly quiet

Asian markets were mainly quiet on Thursday, following a calm session on Wall Street as market participants digested FOMC minutes and looked...


Euro extended its bullish momentum

The line rejected the pair which eased towards 1.1650 afterwards. If the price breaks below 1.1650 sellers may push the euro to 1.1600...

Gold trades mixed in a narrow range

However, the level 1280 is on its way and won’t let the spot further. A rebound from 1270 pointed to strong buyers who will not give up their attempt...

Euro met an obstacle around 1.1700

The spot recovered to 1.1750 where the euro spent the first part of the night. An increased selling pressure weighed on the major in the mid-Asian session...

  


Share: