Gold hovering around 3-week high
3 August, 2016
Gold on Wednesday traded in a narrow band but maintained its bid tone and is hovering around 3-week high level touched on Tuesday to currently trade around $1364 region.
The US Dollar remained under intense selling pressure on Tuesday and extended support to dollar-denominated commodities - like gold. Adding to this, weaker equity markets boosted appeal for safe-haven assets, providing additional momentum to buoyant gold prices.
On Wednesday, weaker Chinese services PMI data dented investor risk-appetite and helped the yellow metal to hold on to its recent gains.
Going forward, ISM non-manufacturing PMI and ADP report on private sector employment details from the US would provide fresh impetus for the precious metal. In the meantime, prevalent risk sentiment would continue to drive the metal during European trading session.
Technical levels to watch
On the immediate upside, post-Brexit swing high near $1370-72 remains immediate hurdle to clear, above which the commodity seems all set to extend its bullish momentum towards reclaiming $1400 handle for the first time since Sept. 2013.
Conversely, any corrective move now seems to find immediate support near $1355-50 region, which is followed by 20-day SMA strong support near $1340-38 region. Sustained weakness back below 20-day SMA might negate possibilities of any further up-move and make it vulnerable to resume its near-term corrective move.
Source link
Related materials
The index comes under further selling pressure and tests the 96.00 handle. Yields of the US 10-year note ease from tops beyond 3.17%. US Non-farm...
Renewed trade-war fears push USD higher and prompt some fresh selling. Reviving safe-haven demand lends some support and helps limit downside. Fed...
In light of advanced data for GBP futures markets from CME Group, investors scaled back their open interest positions by almost 1.8K contracts on Thursday from...
Technical correction extends above $ 1260 amid broad-based USD weakness. Lingering US-Sino trade tensions support, as the focus shifts to the US CPI...
Lingering trade war fears keep the USD bulls on the defensive. Thin liquidity conditions also hold traders from placing aggressive bets. This week's important...
The greenback, in terms of the US Dollar Index (DXY), is sticking to the positive territory so far today and so far manages well to keep the trade above 95.00...
The greenback bounces off lows, approaches 94.90. Yields of the US 10-year note remain sidelined so far. NAHB index came in below expectations in June...
Looks vulnerable amid OPEC, non-OPEC output lift talks, stronger USD adds to the weight. Technical set up also indicate further downside risks...
Dovish FOMC minutes prompt some USD profit-taking and help regain positive traction. Sliding US bond yields/cautious mood provides an additional boost...
Top Brokers offering Forex Market Analysis
Forex Currencies Forecasts
Top 10 Forex Brokers 2018
| # | Broker | Review | |
|---|---|---|---|
| 1 |  | easyMarkets | 90% |
| 2 |  | FXTM | 87% |
| 3 |  | HYCM | 86% |
| 4 |  | Alfa-Forex | 85% |
| 5 |  | FxPro | 84% |
| 6 |  | FIBO Group | 83% |
| 7 |  | OctaFX | 82% |
| 8 |  | HotForex | 80% |
| 9 |  | FXCM | 78% |
| 10 |  | AvaTrade | 76% |