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2016-08-26 10:55 (GMT+2) Gold
Current trend
Support and resistance
The price of gold was falling this week and reached new local lows
since 27 July. The instrument is now trading within quite a narrow range
ahead of Fed Chair Janet Yellen speech, which could shed light on
prospects of US monetary policy tightening.
Last week, minutes of the Fed July meeting showed that the regulator
remains quite cautious about raising interest rates. Fed officials
generally agreed that more economic data should be accumulated before
such a move. Strong data on US labour market, however, and recent
commentaries by some Fed officials suggested that a rate hike is
possible in the coming months. At present, the market sees a 24% chance
of a rate hike in September and a greater than 50% chance of a rate hike
before year-end.
Support and resistance
Bollinger Bands on the daily chart is moving sideways while the price
range is widening. The instrument, however, is trading below the lower
border of the range, suggesting the possibility of a correctional
growth. MACD is falling with a sell signal. Stochastic is directed
horizontally in the oversold zone.
The indicators recommend waiting for clearer trading signals.
Support levels: 1320.05, 1317.84 (25 August low), 1312.13 (25 July low).
Resistance levels: 1324.26 (26 August morning session high), 1327.40,
1329.70, 1333.24, 1337.13 (24 August level), 1341.44, 1346.11 (19
August level), 1350.65, 1357.82 (16 August high), 1366.99 (2 August
high).
Trading tips
Long positions can be opened after the price consolidation above the
level of 1325.00 with targets at 1330.00, 1333.25 and stop-loss at
1320.05. Validity – 2-3 days.
Short positions can be opened after the breakdown of the level of
1319.85 with targets at 1314.85, 1310.50 and stop-loss at 1323.26.
Validity – 1-2 days.
Scenario
Timeframe | Intraday |
Recommendation | BUY STOP |
Entry Point | 1325.15 |
Take Profit | 1330.00, 1333.25 |
Stop Loss | 1320.05 |
Key Levels | 1312.13, 1317.84, 1320.05, 1324.26, 327.40, 1329.70, 1333.24, 1337.13, 1341.44, 1346.11, 1350.65, 1357.82, 1366.99 |
Alternative scenario
Recommendation | SELL STOP |
Entry Point | 1319.80 |
Take Profit | 1314.85, 1310.50 |
Stop Loss | 1323.26 |
Key Levels | 1312.13, 1317.84, 1320.05, 1324.26, 327.40, 1329.70, 1333.24, 1337.13, 1341.44, 1346.11, 1350.65, 1357.82, 1366.99 |
with
M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
- YOU WILL NEVER TRADE ALONE -
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.