In the early NA session on Friday gold surged
to $1280, but the upbeat PMI data caused some pressure to XAU/USD and edged the
week at $1270.
Throughout of this week, the gold prices were moving within a tight range,
supported by the greenback’s hesitation after the FOMC minutes, that showed
nothing new and the other big news around Fed, the new head, by the moment of
release was priced in.
As seen on the daily chart, the price yet remains within the bullish channel,
started from mid December 2016, but now is very close to the bottom side.
Stochastic has retreated from the extreme oversold area, but is yet far below
its mid-line. RSI is also in negative territory and has lost directional
strength.
First support is offered by the 200-day SMA at $1260 and in case of breaking it
to below, doors are opened for testing the support trend of the channel at
$1255.
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