FxGrow Support
Recruit
- Messages
- 58
FxGrow Fundamental Analysis – 06th April, 2017
By FxGrow Investment Research Desk
Gold Bull Forces Remain Under Pressure, U.S Data Will Decide
Gold has postponed breaking the 1260 level for the third consecutive session and for the 8th time in 2017, XAUUSD has built a higher wall being impossible to penetrate. Yesterday, the yellow metal plunged to 1243.75 dramatically over ADP Non-Farm Employment Change with an upbeat 263K while forecasts were 184K. Markets awaited FOMC meeting yesterday with expectations about a precise or clear figure about coming hikes with date, but details were left unspoken, as a result, market reacted negatively and U.S Index shed -$0.69 after peeking to 100.95 earlier. Currently gold trades 1245.30 intraday, with agitated volatility.
The same scenario has been repeated where gold reaches the climax of 1259, then fades aggressively as if the market is on an autopilot mood or Déjà vu. Today and tomorrow, U.S Data will decide once and for all, gold's destination. A break above 1261 will fuel gold bullish candles with fury, whilst, a failure to break above, market could witness pressured selling and gold will plunge below 1245 as a reminder of recent scenarios.
On the other hand, other keys could provoke gold inclines including Trump's political continuous tension with China and doubts about his leadership, North Korea declarations of launching nuclear missile as a test arousing uncertainties, French coming elections with Frexist as what happened on Brexit, markets might head to gold a safe haven substitute when doubts creap into the market.
Fundamentals:
1- USD - Unemployment Claims today at 12:30 PM GMT.
2- USD - Non-Farm Payrolls NFP tomorrow at 12:30 PM GMT.
Technical Overview:
Trend : Bullish Sideways
Resistance levels: R1 1260.05, R2 1267.40, R3 1280.30
Support levels: S1 1249.80, S2 1242.26, S3 1236.75
Comment: Gold levels will be determined depending on U.S Data outcome. As for technical, staying above 1250 rekindles bull forces. A break above R1 with long positions should fuel larger bull hikes towards R2&R3 level. Yesterday's spike rebound has trade positioned for rallies as a restore of confidence. Any penetration for S1 level holds congestion with a reminder of aggressive selloffs towards S2 level. Closing below S2 is a signal for trend reversal and market to consider gold bearish. Expectations of high volatility during economic data release and traders to be careful from setbacks as recent behavior when gold tests support and resistance levels.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
By FxGrow Investment Research Desk
Gold Bull Forces Remain Under Pressure, U.S Data Will Decide
Gold has postponed breaking the 1260 level for the third consecutive session and for the 8th time in 2017, XAUUSD has built a higher wall being impossible to penetrate. Yesterday, the yellow metal plunged to 1243.75 dramatically over ADP Non-Farm Employment Change with an upbeat 263K while forecasts were 184K. Markets awaited FOMC meeting yesterday with expectations about a precise or clear figure about coming hikes with date, but details were left unspoken, as a result, market reacted negatively and U.S Index shed -$0.69 after peeking to 100.95 earlier. Currently gold trades 1245.30 intraday, with agitated volatility.
The same scenario has been repeated where gold reaches the climax of 1259, then fades aggressively as if the market is on an autopilot mood or Déjà vu. Today and tomorrow, U.S Data will decide once and for all, gold's destination. A break above 1261 will fuel gold bullish candles with fury, whilst, a failure to break above, market could witness pressured selling and gold will plunge below 1245 as a reminder of recent scenarios.
On the other hand, other keys could provoke gold inclines including Trump's political continuous tension with China and doubts about his leadership, North Korea declarations of launching nuclear missile as a test arousing uncertainties, French coming elections with Frexist as what happened on Brexit, markets might head to gold a safe haven substitute when doubts creap into the market.
Fundamentals:
1- USD - Unemployment Claims today at 12:30 PM GMT.
2- USD - Non-Farm Payrolls NFP tomorrow at 12:30 PM GMT.
Technical Overview:
Trend : Bullish Sideways
Resistance levels: R1 1260.05, R2 1267.40, R3 1280.30
Support levels: S1 1249.80, S2 1242.26, S3 1236.75
Comment: Gold levels will be determined depending on U.S Data outcome. As for technical, staying above 1250 rekindles bull forces. A break above R1 with long positions should fuel larger bull hikes towards R2&R3 level. Yesterday's spike rebound has trade positioned for rallies as a restore of confidence. Any penetration for S1 level holds congestion with a reminder of aggressive selloffs towards S2 level. Closing below S2 is a signal for trend reversal and market to consider gold bearish. Expectations of high volatility during economic data release and traders to be careful from setbacks as recent behavior when gold tests support and resistance levels.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.