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  • Gold Price Approaching Next Break Vs US Dollar

    Gold Price Approaching Next Break Vs US Dollar

    • – Gold price is trading nicely above the $1,300 support level with a positive angle against the US Dollar.
    • – There is a contracting triangle forming with support at $1,300 on the hourly chart of gold versus the USD.
    • – Recently in China, the Manufacturing Purchasing Managers Index (PMI) for May 2018 was released by the China Federation of Logistics and Purchasing (CFLP).
    • – The outcome was above the forecast of 51.3 as there was a rise in the PMI to 51.9.

    China’s Manufacturing Purchasing Managers Index

    Recently in China, the Manufacturing Purchasing Managers Index (PMI) for May 2018 was released by the China Federation of Logistics and Purchasing (CFLP). The market was looking for a decline in the PMI from the last reading of 51.4 to 51.3.

     

    The actual result was above the forecast of 51.3 as there was a rise in the PMI to 51.9. Looking at the official non-manufacturing PMI, the market was looking for no change from the last reading of 54.8. However, the result was positive as there was a rise in the PMI to 54.9.

     

    Gold price is currently trading with a positive bias and it seems like it could break the $1,305 resistance for further gains.

     

    Gold Price Technical Analysis

    After trading towards the $1,292 level, gold price found support against the US Dollar. The price started an upside move and traded above the $1,300 resistance level. There was also a close above $1,300 and the 100 hourly simple moving average.

     

    Gold Price Technical Analysis

     

    The price recently traded towards the $1,305 level where it faced sellers. A high was formed at $1,304 and the price corrected below the 23.6% Fib retracement level of the last wave from the $1,295 low to $1,304 high.

     

    However, the downside move was protected by the $1,300 support and the 100 hourly SMA. Moreover, the 38.2% Fib retracement level of the last wave from the $1,295 low to $1,304 high also acted as a support.

     

    It seems like there is a contracting triangle forming with support at $1,300 on the hourly chart of gold versus the USD. The price may soon make the next move either above $1,305 or below $1,300 in the near term.

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  • Gold Price Could Correct Lower Vs US Dollar

    Gold Price Could Correct Lower Vs US Dollar

    • – Gold price is currently correcting lower and is trading below the $1,318 support against the US Dollar.
    • – There was a break below a short-term contracting triangle pattern with support at $1,317 on the hourly chart of gold versus the USD.
    • – Recently in China, the Retail Sales report for March 2018 was released by the National Bureau of Statistics of China.
    • – The outcome was below the forecast of +10% as there was a rise in sales by 9.4%.

    China’s Retail Sales

    Recently in China, the Retail Sales report for March 2018 was released by the National Bureau of Statistics of China. The market was looking for a rise in sales by 10% in March 2018 compared with the same month a year ago.

     

    The actual result was below the forecast of +10% as there was a rise in sales by 9.4%. Looking at the Industrial production, there was a rise by 7% in the production, more than the forecast of +6.3%. On the other hand, the Fixed Asset Investment came in at 7%, less than the forecast of 7.4%.

     

    At the moment, Gold price is trading in a bearish zone and it could continue to decline towards the $1,310 and $1,305 support levels.

     

    Gold Price Technical Analysis

    There was a decent upside move above the $1,320 level in gold price against the US Dollar. The price traded as high as $1,325 before starting a downside correction. It declined and traded below the $1,320 support level to start a downside correction.

     

    Gold Price Technical Analysis

     

    The price traded below the 50% Fib retracement level of the last wave from the $1,304 low to $1,325 high. More importantly, there was a break below a short-term contracting triangle pattern with support at $1,317 on the hourly chart of gold versus the USD.

     

    Sellers pushed the price below $1,315 and the 100 hourly simple moving average. It seems like the price may decline further and it could even break the 61.8% Fib retracement level of the last wave from the $1,304 low to $1,325 high.

     

    On the downside, the next major supports are near the $1,310 and $1,305 levels. Below this last, the price could even test the $1,300 handle.

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  • Gold Price Approaching Crucial Break Vs US Dollar

    Gold Price Approaching Crucial Break Vs US Dollar

    • – Gold price is slowly moving higher and is currently trading above the $1,310 support against the US Dollar.
    • – There is a crucial contracting triangle pattern forming with resistance at $1,318 on the hourly chart of gold versus the USD.
    • – Recently in China, the Trade Balance report for April 2018 was released by the General Administration of Customs of the People’s Republic of China.
    • – The outcome was above the forecast of $24.70B as there was a trade surplus of $28.8B.

    China’s Trade Balance

    Recently in China, the Trade Balance report for April 2018 was released by the General Administration of Customs of the People’s Republic of China. The market was looking for a trade balance of $24.70B, compared with the last deficit of $-4.98B.

     

    The actual result was above the forecast of $24.70B as there was a trade surplus of $28.8B. Imports of goods and services in April 2018 increased 21.5%, more than the forecast of +16%. Exports of goods and services in April 2018 increased 12.9%, more than the forecast of +6.3%.

     

    It seems like Gold price may extend gains and it could even break the $1,318 and $1,320 resistance levels for more gains.

     

    Gold Price Technical Analysis

    After trading towards the $1,300 support area, gold price started an upside move against the US Dollar. The price formed a low at $1,301 and started an upside move. It slowly moved higher and broke the $1,305 and $1,310 resistance levels.

     

    Gold Price Technical Analysis

     

    The price also moved above the 50% Fib retracement level of the last decline from the $1,325 high to $1,301 low. Moreover, there was a close above the $1,310 resistance and 100 hourly simple moving average.

     

    At the moment, it seems like there is a crucial contracting triangle pattern forming with resistance at $1,318 on the hourly chart of gold versus the USD. The price may soon make the next move either above $1,318 or below $1,310.

     

    As long as the price is above the 100 hourly SMA, the chances of an upside break above $1,318 are high. The next resistance in the mentioned scenario is around the $1,325 level.

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  • Gold Price Could Decline Further Below $1,315 Vs US Dollar

    Gold Price Could Decline Further Below $1,315 Vs US Dollar

    • – Gold price started a downside move and declined below the $1,330 support against the US Dollar.
    • – There is a major bearish trend line forming with resistance at $1,325 on the hourly chart of gold versus the USD.
    • – Recently in China, the Manufacturing Purchasing Managers Index (PMI) for April 2018 was released by the China Federation of Logistics and Purchasing (CFLP).
    • – The outcome was above the forecast of 51.3 as the PMI came in at 51.4.

    China’s New Loans

    Recently in China, the Manufacturing Purchasing Managers Index (PMI) for April 2018 was released by the China Federation of Logistics and Purchasing (CFLP). The market was slated for a decline from the last reading of 51.5 to 51.3.

     

    The actual result was above the forecast of 51.3 as the PMI came in at 51.4. Looking at the official non-manufacturing PMI, there was a rise from the last reading of 54.6 to 54.8, whereas the market was looking for a rise to 55.1.

     

    It seems like Gold price remains in a bearish zone and it could even break the recent low of $1,315 to decline further.

     

    Gold Price Technical Analysis

    After trading above the $1,350 level, gold price faced sellers against the US Dollar. The price started a downside move and declined below the $1,350 and $1,330 support levels. There was even a break below the $1,325 support and the 100 hourly simple moving average.

     

    Gold Price Technical Analysis

     

    The price traded as low as $1,315 before starting an upside correction. It traded higher and moved above the 23.6% Fib retracement level of the last decline from the $1,332 high to $1,315 low.

     

    However, the price is facing hurdles near the $1,325 resistance. Moreover, the 61.8% Fib retracement level of the last decline from the $1,332 high to $1,315 low acted as a resistance. There is also a major bearish trend line forming with resistance at $1,325 on the hourly chart of gold versus the USD.

     

    At the moment, the price is trading with a bearish angle below $1,325 and the 100 hourly SMA. On the downside, a break below $1,315 may perhaps call for further losses towards the $1,300 level.

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  • Gold Price Remains Supported above $1,338 Vs US Dollar

    Gold Price Remains Supported above $1,338 Vs US Dollar

    • – Gold price corrected lower recently after trading as high as $1,365 against the US Dollar.
    • – There is a key bullish trend line forming with support at $1,338 on the hourly chart of gold versus the USD.
    • – Recently in China, the new loans report for March 2018 was released by People’s Bank of China.
    • – The outcome was below the forecast of 1,200.0B as the new loans figure came in at 1,120.0B.

    China’s New Loans

    Recently in China, the new loans report for March 2018 was released by People’s Bank of China. The market was slated for a reading of 1,120.0B compared with the last reading of 839.3B.

     

    The actual result was below the forecast of 1,200.0B as the new loans figure came in at 1,120.0B. However, the result was positive when compared with the last reading of 839.3B. The M2 Money Supply in March 2018 rose 8.2% (YoY), which was less than the forecast of +8.9% and also less than the last +8.8%.

     

    Gold price may consolidate in the short term before it makes the next move above the $1,350 level in the near term.

     

    Gold Price Technical Analysis

    There was a decent upside move in gold price this past week as it moved above the $1,360 level against the US Dollar. The price traded as high as $1,365 before a downside correction was initiated. It declined and traded below the $1,350 level.

     

    Gold Price Technical Analysis

     

    There was even a spike down below the 100 hourly simple moving average, but the downside move was contained by the $1,332 support. There is also a key bullish trend line forming with current support at $1,338 on the hourly chart of gold versus the USD.

     

    The price is now back above the 100 hourly SMA and broke the 38.2% Fib retracement level of the last decline from the $1,365 high to $1,333 low. Buyers need to gather pace above $1,350 and the 50% Fib retracement level of the last decline from the $1,365 high to $1,333 low for further gains.

     

    On the downside, the price remains supported above the $1,338 level. A close below $1,338 and $1,335 may open the doors for more losses.

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  • Gold Price Could Move Higher Vs US Dollar

    Gold Price Could Move Higher Vs US Dollar

    • – Gold price is trading higher and formed support around the $1,320 level against the US Dollar.
    • – There was a break above a connecting bearish trend line with resistance at $1,324 on the hourly chart of gold versus the USD.
    • – Recently in China, the Manufacturing Purchasing Managers Index (PMI) for March 2018 was released by the China Federation of Logistics and Purchasing (CFLP).
    • – The outcome was above the forecast of 50.5 as there was a rise in the PMI from 50.3 to 51.5.

    China’s Manufacturing PMI

    Recently in China, the Manufacturing Purchasing Managers Index (PMI) for March 2018 was released by the China Federation of Logistics and Purchasing (CFLP). The market was slated for a rise from the last reading of 50.3 to 50.5.

     

    The actual result was above the forecast of 50.5 as there was a rise in the PMI from 50.3 to 51.5. Looking at the non-manufacturing PMI, there was a rise from the last reading of 54.4 to 54.6 in March 2018.

     

    Overall, the market sentiment is positive for Gold and the price may continue to move higher above the $1,230 level in the near term.

     

    Gold Price Technical Analysis

    After a major decline, gold price found support around the $1,320 level against the US Dollar. The price started an upside move from the $1,320 swing low and it is currently trading in a positive zone above the $1,322 level.

     

    Gold Price Technical Analysis US Dollar

     

    The price has moved above the $1,325 level and broke a connecting bearish trend line with resistance at $1,324 on the hourly chart of gold versus the USD. At the moment, the price is testing the 23.6% Fib retracement level of the last decline from the $1,356 high to $1,320 low.

     

    The price may continue to move higher as long as it is above the $1,325 level. On the upside, the next resistance is around the 50% Fib retracement level of the last decline from the $1,356 high to $1,320 low at $1,338.

     

    On the downside, the broken trend line resistance near $1,324-25 may now act as a support if the price moves down from the current levels.

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  • Can Gold Price Gain Upside Momentum Vs US Dollar?

    Can Gold Price Gain Upside Momentum Vs US Dollar?

    • – Gold price formed a decent support above the $1,315 level against the US Dollar.
    • – There was a break above a key bearish trend line with resistance at $1,321 on the hourly chart of gold versus the USD.
    • – Recently in China, the Retail Sales report for Jan 2018 was released by the National Bureau of Statistics of China.
    • – The outcome was below the forecast of 9.8% as there was a rise of 9.7% in sales in Jan 2018.

     

    China’s Retail Sales

    Recently in China, the Retail Sales report for Jan 2018 was released by the National Bureau of Statistics of China. The market was slated for a rise of around 9.8% in sales in Jan 2018 compared with the same month a year ago.

     

    The actual result was below the forecast of 9.8% as there was a rise of 9.7% in sales in Jan 2018. However, the industrial production figure for Jan 2018 was impressive, as there was a rise of 7.2% compared with the same month a year ago. It was well above the forecast of 6.1% and also more than the last 6.2%.

     

    At the moment, gold price is trading nicely in a bullish zone above the $1,320 level, and it could gain upside momentum.

     

    Gold Price Technical Analysis

    There was a solid support base formed above the $1,310 level in gold price against the US Dollar. The price started trading higher after forming a swing low at $1,315, and it broke the $1,320 resistance and the 100 hourly simple moving average.

     

    Gold Price Technical Analysis

     

    Moreover, there was a break above the 50% Fib retracement level of the last drop from the $1,340 high to $1,313 low. Lastly, there was a break above a key bearish trend line with resistance at $1,321 on the hourly chart of gold versus the USD.

     

    The price is now trading comfortably above the $1,320 level and it seems like it could move above $1,330 level. The next major hurdle is around the 76.4% Fib retracement level of the last drop from the $1,340 high to $1,313 low.

     

    On the downside, the broken resistance near $1,320-21 may now serve as a support if the price corrects lower from the current levels.

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  • Gold Price Back in Uptrend Vs US Dollar

    Gold Price Back in Uptrend Vs US Dollar

    • – Gold price found support near $1,302 after a major decline against the US Dollar.
    • – There was a break above a major bearish trend line with resistance at $1,315 on the hourly chart of gold versus the USD.
    • – Recently in China, the Caixin Services PMI for Feb 2018 was released.
    • – The outcome was below the forecast of 54.5 as there was a decline in the PMI from 54.7 to 54.2.

     

    China’s Caixin Services PMI

    Recently in China, the Caixin Services PMI for Feb 2018 was released. The market was slated for a minor decline in the PMI from the last reading of 54.7 to 54.5 in Feb 2018.

     

    The actual result was below the forecast of 54.5 as there was a decline in the PMI from 54.7 to 54.2. Moreover, the Composite Output Index also declined slightly from a seven-year record of 53.7 to 53.3 in Feb 2018.

     

    However, there was no negative impact on gold and the price may continue to rise in the near term as long as above $1,320.

     

    Gold Price Technical Analysis

    After a major decline from the $1,340 swing high, gold price found support just above the $1,300 level against the US Dollar. A low was formed at $1,302, and later the price started an upside move and traded above the $1,310 level and the 100 hourly simple moving average.

     

    Gold Price Technical Analysis

     

    The price also broke the 23.6% Fib retracement level of the last decline from the $1,340 high to $1,302 low. Moreover, there was a break above a major bearish trend line with resistance at $1,315 on the hourly chart of gold versus the USD.

     

    The price is now trading well above the $1,320 level and the 50% Fib retracement level of the last decline from the $1,340 high to $1,302 low. Therefore, the price is likely to extend gains above the $1,325 and $1,330 levels in the near term.

     

    If there is a downside correction, the broken resistance at $1,320 is likely to act as a support. Moreover, the 10- hourly SMA is positioned near $1,320 to act as a solid support for the bulls.

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  • Gold Price Poised to Decline Further Vs US Dollar

    Gold Price Poised to Decline Further Vs US Dollar

    • – Gold price declined recently and broke the $1,340 support level against the US Dollar.
    • – There is a crucial bearish trend line forming with resistance at $1,328 on the hourly chart of gold versus the USD.
    • – Recently in the US, the Services Purchasing Managers Index (PMI) for Feb 2018 (Prelim) was released by Markit Economics.
    • – The outcome was above the forecast of 54.0 as there was a rise in the index from 53.3 to 55.9.

     

    US Services PMI

    Recently in the US, the Services Purchasing Managers Index (PMI) for Feb 2018 (Prelim) was released by Markit Economics. The market was slated for a rise in the PMI from the last reading of 53.3 to 54.0 in Feb 2018 (Prelim).

     

    The actual result was above the forecast of 54.0 as there was a rise in the index from 53.3 to 55.9. Moreover, the US Composite PMI index rose from the last reading of 53.8 to 55.9, which was better than the forecast of 54.4.

     

    There was an increase in bearish pressure on gold, which resulted in a downside push in the price below $1,330.

     

    Gold Price Technical Analysis

    After trading above the $1,355 level, gold price faced sellers against the US Dollar. A major top was formed around the $1,360 level and the price declined. It moved down and broke a couple of important support levels such as $1,350 and $1,340 to settle below the 100 hourly simple moving average.

     

    Gold Price Technical Analysis

     

    The price even moved below the $1,330 level and traded as low as $1,322. At the moment, the price is consolidating losses with an initial resistance on the upside near the 23.6% Fib retracement level of the last decline from the $1,343 high to $1,322 low.

     

    On the upside, there is also a crucial bearish trend line forming with resistance at $1,328 on the hourly chart of gold versus the USD. However, the most important resistance is near the $1,340 level and the 100 hourly SMA.

     

    Overall, it seems like the price continue to move down and it may perhaps break the $1,320 support level. On the upside, recoveries could be capped by the $1,330 and $1,340 resistance levels.

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  • Gold Price Could Decline Below $1325 Vs US Dollar

    Gold Price Could Decline Below $1325 Vs US Dollar

    • – Gold price started a downside correction from the $1350 swing high against the US Dollar.
    • – There was a break below a major bullish trend line with support at $1340 on the hourly chart of gold versus the USD.
    • – Recently in China, the Caixin Services PMI for Jan 2018 was released.
    • – The outcome was below the forecast of 54.0 as there was a rise in the index from 53.9 to 54.7.

     

    China’s Caixin Services PMI

    Recently in China, the Caixin Services PMI for Jan 2018 was released. The market was slated for a rise in the PMI from the last reading of 53.9 to 54.0 in Jan 2018.

     

    The actual result was below the forecast of 54.0 as there was a rise in the index from 53.9 to 54.7. This was the third consecutive month of an impressive growth in the Chinese services sector. The report added that:

     

    January survey data signalled accelerated rates of activity growth across both the manufacturing and service sectors in China. The steeper pace of expansion was registered by services companies, which saw the most marked increase in activity since May 2012.

     

    However, gold was not impressed, and it seems like the price may decline below the $1325-27 support in the near term.

     

    Gold Price Technical Analysis

    There were decent gains above $1350 recently in gold price against the US Dollar. However, the price started a downside wave and corrected in three waves towards $1325. It made an intermediate high at $1350 and traded below the 100 hourly simple moving average.

     

    Gold Price Technical Analysis

     

    During the downside move, there was a break below a major bullish trend line with support at $1340 on the hourly chart of gold versus the USD. The price traded as low as $1327.36 recently and later it corrected higher. It traded above the 23.6% Fib retracement level of the last decline from the $1350 high to $1327 low.

     

    However, the price struggled to break the $1335-36 resistance and failed near the 38.2% Fib retracement level of the last decline from the $1350 high to $1327 low.

     

    Overall, it seems like the price may resume its downside move and could correct further lower below the $1327-25 support area in the near term.

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