After the corrective slide yesterday, Gold is again up today
and gains traction above $1318. The US dollar was set on pressure and is trading lower for second time during last three sessions
despite the upbeat employment figures.
Market players stayed indifferent on yesterday’s
FOMC meeting minutes, for
as much as March 2018 rate hike odds have hovered around 70% for the last
month. Against this background the demand for the precious metal is rising.
Technically speaking the short term outlook remains bullish. On the four hour
time frame the price is moving above all its moving averages,that are keeping
north direction. RSI and stochastic are showing strong bullish momentum, both
above their mid-lines.
The first challenge for XAU/USD is seen at $1321(January 2nd’s high) and next
one is the $1334 level, which will open doors for testing the September 5 top
at $1344. On the flip slide caution
comes with the psychological $1300 mark.
No comments:
Post a Comment