Spot Gold started the new
week in smooth mood, having quite tight daily range. The US dollar surprised
markets with strength after poor US jobs data, released last Friday that was
not affected by the expected rate hikes approaching this year.
As seen on the four hour time frame, the XAU/USD pair is developing well above
its bullish moving averages. RSI and stochastic got out of their extreme overbought areas and had lost directional strength, but yet remain
on higher levels. Given all above it seems that this corrective phase is going
to call back the bulls. The precious metals stands above the 23.6% Fibonacci
retracement of latest upleg (at $1305) and the initial support at $1313 (Friday’s
low) is untouched by the bears. A deeper correction might follow only in case of testing the
38.2% of same Fibo at $1292, but not lower.
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