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Current trend
During yesterday’s trading session, the price of gold fell to the level of 1332.00 amid expectations of an interest rate increase in the US. The instrument was pressured after a number of commentaries from Federal Open Market Committee officials who suggested that the American economy is ready for further monetary policy tightening. In light of these comments, attention should be paid to statistics from the US. Strong macroeconomic data would increase the probability that the Fed will raise interest rates.
This week Fed Chair Janet Yellen is due to give a speech, in which market participants are hoping to find some clues regarding further plans of the regulator.
Support and resistance
On the daily chart, the pair continues correcting downward from the level of 1365.00.
Stochastic lines are directed down. MACD histogram is in the positive zone and its volumes are falling.
Support levels: 1332.00, 1322.00, 1315.00.
Resistance levels: 1347.00, 1357.00, 1365.50, 1375.00.
Trading tips
Short positions can be opened from the level of 1331.00 with the target at 1323.00 and stop-loss at 1335.00.
Long positions can be opened from the level of 1347.00 with the target at 1355.00 and stop-loss at 1343.00.
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2016-08-23 14:10 (GMT+2) Gold
Current trend
During yesterday’s trading session, the price of gold fell to the level of 1332.00 amid expectations of an interest rate increase in the US. The instrument was pressured after a number of commentaries from Federal Open Market Committee officials who suggested that the American economy is ready for further monetary policy tightening. In light of these comments, attention should be paid to statistics from the US. Strong macroeconomic data would increase the probability that the Fed will raise interest rates.
This week Fed Chair Janet Yellen is due to give a speech, in which market participants are hoping to find some clues regarding further plans of the regulator.
Support and resistance
On the daily chart, the pair continues correcting downward from the level of 1365.00.
Stochastic lines are directed down. MACD histogram is in the positive zone and its volumes are falling.
Support levels: 1332.00, 1322.00, 1315.00.
Resistance levels: 1347.00, 1357.00, 1365.50, 1375.00.
Trading tips
Short positions can be opened from the level of 1331.00 with the target at 1323.00 and stop-loss at 1335.00.
Long positions can be opened from the level of 1347.00 with the target at 1355.00 and stop-loss at 1343.00.
Scenario
Timeframe | Intraday |
Recommendation | SELL STOP |
Entry Point | 1331.00 |
Take Profit | 1323.00 |
Stop Loss | 1335.00 |
Key Levels | 1315.00, 1322.00, 1332.00, 1347.00, 1357.00, 1365.50, 1375.00 |
Alternative scenario
Recommendation | BUY STOP |
Entry Point | 1347.00 |
Take Profit | 1355.00 |
Stop Loss | 1343.00 |
Key Levels | 1315.00, 1322.00, 1332.00, 1347.00, 1357.00, 1365.50, 1375.00 |
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.