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.
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