Subscribe to RSS

XAU/USD – A decisive break above $ 1080, targets $ 1088-1094

XAU/USD (gold prices in terms of the US dollar) halted a 2-day slide and rebounded sharply on Tuesday, finally reaching highs beyond 1080 barrier. The price regained 10-DMA at 1078.49 and extended to the upside as a renewed buying interest for the yellow metal spurred following the news of a Russian fighter jet shot down by Turkey near the Syrian border. The investors fretted over conflicts escalating in the Middle-East on the plane crash news and flocked to the traditional safe-haven in gold. Moreover, the US dollar failed to benefit from the upwardly revised US GDP second estimate (2.1% versus 2.0% expected) and continued its corrective slide, thereby boosting the bullion. A weaker greenback makes gold cheaper for holders in other currencies. At close, the pair failed to sustain above 10-DMA and settled at 1075.41.

In today’s trade so far, the yellow metal is seen clinching yesterday’s gains and hovers above 10-DMA now located at 1077.71. The price remains buoyed on the back of extending USD weakness and risk-off moods amid persisting geo-political risks and global security issues. While the negative performance on the Asian equities also lifted the sentiment around the yellow metal. Looking ahead, we have a flurry of key US economic data on the cards later today, wrapping a holiday-shortened week for the US traders. Hence, thin trading is expected later in the NY session with the US durable goods, Core PCE index and consumer sentiment data closely eyed ahead of next week’s NFP report. Although the upcoming US data may have limited impact on the USD, as the Dec Fed rate hike is already priced-in by markets. However, a horribly weak durable goods orders print could raise doubt over the Fed’s intentions next month and add to further bearish USD moves, benefiting the bullion.

Technicals – Positive price-RSI divergence on daily sticks

On daily charts, the pair trades well above 10-DMA and tries hard to take out yesterday’s high reached at 1081.27, which may open doors for further advances. The pair looks poised for further upside, as clearly seen by the positive price-RSI divergence. The prices are seen making lower tops while the RSI forms higher highs. Moreover, the USD is expected to continue its corrective mode, and remain little affected by the US dataflow to be released later in the day.

Hence, to the topside, a convincing break above $ 1080-81 levels backed by higher volume, could take the prices towards the immediate resistance located at 1088.41, 100-SMA on 4h chart. a break above the last, a renewed rally could be witnessed towards the strong upside barrier place near 1094-1095, the confluence of heavily bearish 20-DMA, fib 23.60% retracement (of Oct 15-Nov 18 fall) and 5-WMA. While to the downside, the prices could retest daily lows at 1074.53 should the US durable goods order outperform or the USD halt its correction. A failure to resist the last, the immediate support at 1070 and from there to 1066.49 (Nov 23 low) could be tested.

XAUUSD

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

Get 100% Bonus Promo Doubles your Deposit – FBS

Get 100% Bonus Promo Doubles your Deposit – FBS(0)

Get 100% Forex Bonus Doubles your Deposit FBS Broker has prepared something really special for you. Activate 100% Forex Deposit Bonus and make your trading x2 more efficient Link:  $50 Free Will be credited to Your Account Link:  $88.8 Forex No Deposit Bonus Link:  $123 Forex No Deposit Bonus Link:  100% Forex Deposit Bonus Promotion

Free SERENITY Tokens for Forex Trading – Grand Capital

Free SERENITY Tokens for Forex Trading – Grand Capital(0)

Get free SERENITY tokens for forex trading on ECN Prime and/or Standard account. SERENITY Free tokens can be used to pay for Serenity Financial platform services or sold on an exchange after the ICO ends. The nominal price of 1 token is 0.1 ETH. Link:  Free SERENITY Tokens for Trading Link:  444% Profit Receive for

Trading Signals and get your opportunity to succeed – FXTM

Trading Signals and get your opportunity to succeed – FXTM(0)

Take advantage of ForexTime Free Forex Trading Signals and get your opportunity to succeed. Get Free Forex Trading Signals prepared by ForexTime professional analysts Link:  FREE trading signals Special Promo Link:  Start Copy Trading your Perfect Partner Link:  $25 Per Referral Earn up to $10000 Link:  Receive $30 Tradeable Credit Free Bonus Link:  Demo Forex

Get 100% Bonus Trusted and Regulated Broker – AvaTrade

Get 100% Bonus Trusted and Regulated Broker – AvaTrade(0)

Register and forex start trading now and claim your 100% Deposit Bonus minimum fund of $100 for first deposit. Just for new customer we welcome you with some fantastic 100% Bonus Offers Link:  100% Bonus to Your First Deposit Link:  35% New Accounts Bonus Promotion Link:  Advantages of Trading Bitcoin Cash Available to: All new

Win-Win Live Trading Forex Contest – Tickmill Ltd.

Win-Win Live Trading Forex Contest – Tickmill Ltd.(0)

Holiday 2017 season is just around the corner and Tickmill is rewarding you with real Bitcoin prizes and rebates. Win-Win Live Trading Forex Contest ensures there is a prize for everyone! Link:  Win-Win Forex Live Trading Contest Link:  Weekly Demo Race Trading Contest Link:  $30 Free Welcome Bonus Offer Link:  Forex Monthly Live Trading Contest

$3500 Forex No Deposit Bonus, Risk Free Trading‎ – InstaForex

$3500 Forex No Deposit Bonus, Risk Free Trading‎ – InstaForex(0)

Get $3500 No Deposit Free Bonus from InstaForex no need to risk your own money if you have already got funds to earn more money. The $3500 No Deposit Bonus from InstaForex is an exciting opportunity to start live trading. Link:  Up to $5000 No Deposit Free Bonus Link:  $500 Forex No Deposit Free Bonus

444% Profit Receive for a Single Trade – Grand Capital

444% Profit Receive for a Single Trade – Grand Capital(0)

Up to 444% Profit receive with our new Express Options for Grand Capital Binary Option Broker Ltd. Make a correct prediction for 3 assets at the same time Link: Up to 444% Profit Receive for a single trade Link:  $500 Forex No Deposit Welcome Bonus Link:  40% Forex Welcome Deposit Bonus Available to: All new

Receive $30 Credit Bonus for Trusted  Broker- FXTM

Receive $30 Credit Bonus for Trusted Broker- FXTM(0)

Switch to ForexTime and receive $30 Trading Credit Bonus. Join the hundreds of thousands of traders around the world who have already chosen ForexTime as a broker and receive $30 Trading Credit Bonus as a thank you for switching. Link:  Up to $200 Cash Bonus this December Link:  Receive $30 Tradeable Credit Bonus Link:  FX

15% Support Margin Bonus and $50 Free Bonus – FortFS

15% Support Margin Bonus and $50 Free Bonus – FortFS(0)

15% Support Margin Bonus Plus $50 No Deposit Bonus to all New and Existing Traders. For Every Traders who passed the verification process in their traders room can get the $50 Free Bonus Link:  $50 Forex No Deposit Welcome Bonus Link: Up to 50% Bonus of Every Deposit Link: 15% Support Margin Bonus As from

Get $34 Forex No Deposit Bonus Contest – Xtream Forex

Get $34 Forex No Deposit Bonus Contest – Xtream Forex(0)

Sign-Up and Get $34 Forex No Deposit Bonus Contest Enjoy Forex Trading Without Deposit. Grab your $34 Forex No Deposit Bonus and start your live Forex trading to win big cash prize. Link: $34 Forex No Deposit Bonus Contest Available to: All new clients Forex $50 No Deposit Bonus Contest Duration? Registration is open till

read more

Forex Featured BrokerSocial Trading

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories