Gold Nears Major Resistance Ahead of Trump’s Press Conference

12 January, 2017

Gold prices have rebounded since mid-Dec after testing the significant support line at 1120. On the 4 hourly chart, gold bullish momentum has been strengthened since the beginning of this year, helped by the dollar retracement.

Gold spot has been trading along the downside uptrend line support year to date, breaking the two near term major resistances at 1160 and 1180 respectively.

Yet gold spot is currently trading below the 50 SMA at 1990.88 on the daily time frame.

In addition, the price nears the long term significant resistance level at 1200, the selling pressure is heavy at the level, the bullish momentum is likely to be restrained here.

The daily Stochastic Oscillator nears the level of 90, suggesting overbought, be aware of a retracement.

The resistance level is at 1190, followed by 1195 and 1200.
The support line is at 1185, followed by 1180 and 1175.

Trump’s first press conference in 2017 will be held around 16:00 GMT this afternoon.

The dollar index is currently marching higher, climbing from the support at 102.00, nearing the resistance at 102.50.

It is impossible to predict the content of his statement, but be aware that this uncertainty might cause great volatility to the dollar, dollar crosses, and precious metals.


Source link  
Gold updates new 6-years highs

Gold benefits from a combination of two factors: lower interest rates in debt markets and continuing hopes that the global economy...

Markets recede from the recent highs

A strong Nonfarm Payrolls caused pressure on the stock markets, reducing the chances of the interest rates lowering by the Fed in the upcoming months...

Gold resumes rally, pushing past $1400

Gold prices resumed a push higher on Monday, as flows into the precious metal continued on improved prospects for easier monetary policy from...


Gold rises as markets slip

Market caution continues to support gold. Quotes of this metal rose to $1337, repeatedly trying to push above this year highs at the 1340-1360 area...

Trump says Brexit should happen

President Donald Trump promised the U.K. a "phenomenal trade deal" Tuesday, on the second day of his state visit to Britain...

Euro and Gold instead of Dollar

Gold rose on Monday to the highest levels since February, reaching $1327 per ounce. In the first hours of the Tuesday trading session, there...


Markets recover after the drop

The markets decline on investors' fears that trade conflicts will drag on and slow down demand, and this dynamic coincided with breaking through important...

Markets pressured by Huawei problem

Alphabet and some other American IT companies have suspended business with Huawei, which is one of the first examples of major consequences for...

The climate is changing rapidly

British people need to fly less, drive electric cars, eat little meat and turn their home thermostats down to 19 degrees Celsius (66 Fahrenheit) in order to rein...

  


Share it on:   or