XAU/USD: review and forecast on 03.07.2015

July 3, 2015

Current trend

Yesterday, the price of the pair XAU/USD fell to its lowest level in the last 3 months (1161.00) that was determined by investors’ expectations of the strong labor market data from the US.

Nevertheless, the data released was worse than expected. Non-farm Payrolls showed 223 K of new jobs instead of expected 230 K, and Initial Jobless Claims rose from 271 K to 281 K. Only unemployment level figure came out better than expected, having fallen to 5.3%. After the release, gold gained back all the losses incurred earlier and grew to 1166.29.

Today, markets are likely to remain calm, as it is an official holiday in the US. Market participants are waiting for the Sunday referendum in Greece.

Support and resistance

Support levels: 1161.00 (lower MA of Bollinger Bands), 1156.52 (yesterday low), 1150.00 (psychologically important level), 1142.59 (17 March low).

Resistance levels: 1169.34 (yesterday high), 1175.35 (38.2% Fibonacci), 1181.00 (50% Fibonacci), 1188.24 (30 June high).

Trading tips

Open long positions above the level of 1200.00 with targets at 1204.00, 1210.00 and stop-loss at 1199.00.

Short positions can be opened below 1194.00 with targets at 1190.20, 1187.00 and stop-loss at 1196.00.

Publication source
LiteForex information  LiteForex reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

OANDA Rating
OctaFX Rating
Exness Rating
Vantage FX Rating
Tickmill Rating
FX Giants Rating

Migesco Rating
OptionTrade Rating
Porter Finance Rating
Binary Brokerz Rating
99Binary Rating
TropicalTrade Rating