XAU/USD: gold try to hold

October 6, 2015

Current trend

The price of gold changed a little during Monday’s trading session.

The price is supported by the publication of the labour market statistics from the US that came out last Friday and showed an unexpected and significant decline, actual 142 thousand of new jobs against 203 thousand forecasted. After the publication, the possibility of an interest rate increase in December in the US fell below 29%, while previously it was at 35-37%.

At the same time, there is an appetite for risk on the markets that pressures gold prices.

Support and resistance

Bollinger Bands on the daily chart is turning horizontally. MACD keeps moving upwards and giving a buy signal. Stochastic is growing and approaching the overbought zone.

The indicators recommend waiting for clearer trading signals.

Support levels: 1134.30 (local low), 1127.80, 1121.11, 1115.70, 1110.00, 1105.00 (2 October low), 1101.05, 1098.50 (11 September low).

Resistance levels: 1141.60 (5 October high), 1147.66, 1156.40 (24 September high), 1166.20, 1169.81 (24 August high), 1174.70.

Trading tips

Long positions can be opened after the breakout of the level of 1141.60 with targets at 1147.20, 1153.70 and stop-loss at 1139.50. Validity – 1-3 days.

Short positions can be opened after the breakdown of the level of 1134.00 with the target at 1128.00 and stop-loss at 1135.80. Validity – 1-3 days.

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...

EXNESS Rating
FxPro Rating
XM Rating
Vantage FX Rating
Larson&Holz IT Ltd Rating
FOREX.com Rating

Anyoption Rating
OptionBit Rating
Empire Option Rating
Dragon Options Rating
99Binary Rating
OptionTrade Rating