Gold Bears Test Near Term Major Support

8 March, 2017

Gold spot price has turned bearish since 27th Feb, after hitting a one-and-a-half month high of 1263.73. The short-term major uptrend line support was broken on 3rd Mar. The current price is testing the near-term major support zone between 1220 – 1223, where there is stronger support. The downtrend is likely to be held temporarily above the level at 1220. However, the price is still trading below the near-term major downtrend line resistance, the upside selling pressure is still heavy.

If the support line at 1220 is confirmed broken, the downtrend will likely further test the next significant support line at 1210.

The 4 hourly Stochastic Oscillator is below 20, suggesting a rebound.

The resistance level is at 1225.00, followed by 1227.00 and 1230.
The support line is at 1223.00, followed by 1220.00 and 1217.00.

Keep an eye on the US Trade Balance in Jan, to be released at 13:30 GMT this afternoon.

The US ADP employment change in Feb will be released this Wednesday at 13:15 GMT.
The US non-farm payroll and unemployment rate in Feb will be released this Friday at 13:30 GMT, it will likely cause volatility for the dollar, the dollar crosses and commodities.


Source link  
Dollar has a potential of 5% rally

The dollar rewrote 13-months highs on Friday to a basket of six major currencies, adding 0.25% after gaining 0.5% on Thursday. The further growth of...

BoJ cautions keep forex calm

In the currency market, the dollar was under some pressure following the data that indicated a weakening of the inflation in the Eurozone. The slowdown in prices...

Stocks are growing, Bonds under pressure

The situation in the world markets looks controversial. Shares are growing after strong reporting of companies. The shares of Alphabet (#Google) jumped by 3.6% after...


The potential of USD growth is limited

Powell's speech with the semiannual report in the U.S. Congress contained an optimistic view on the economic outlook. Such a tone has reduced fears that...

Oil drops back into June price range

The WTI Oil price fell from $72.98 to $68.68 yesterday despite the inventories data showing a draw of -12.6M barrels which is the biggest since September 2016...

Dollar is weaker today after rejection 95.50

The USD has weakened against the majors after the DXY rejected the 95.50 level in yesterday's trading creating a technical double top and is now trading down...


Stronger IT, softer financials

Stock markets continue to strengthen with increased demand for high-tech companies. The NASDAQ100 closed a second day in a row...

USD weakens through the day yesterday

The USD weakened further overnight after the move began in the US trading session yesterday. USDJPY moved down under the 110.000 level after...

Markets Focus on US and UK GDP

UK Gross Domestic Product (QoQ) (Q1) is expected to come in at 0.3% from 0.4% previously. Gross Domestic Product (YoY) (Q1) is expected to be...


In the past 24 hours Bitcoin has lost -4.83% and reached $6059.75636632. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.6984% and is now at $1.1407. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -36.73% and is now at $257.535307679. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets89%
2FXTMFXTM87%
3HYCMHYCM85%
4FxProFxPro80%
5FIBO GroupFIBO Group78%
6FXCMFXCM73%
7AvaTradeAvaTrade67%
8HotForexHotForex67%
9Alfa-ForexAlfa-Forex66%
10XMXM66%
  


Share: