Gold Prepares For the Jet Ride
FxGrow | Feb 17, 2017 19:29
Gold stands immune against US dollar and the previous rebounds from this week lows confirms more. On Wednesday, XAUUSD dropped to 1216.80 low after strong US CPI and Retails sales were released, but managed to climb back to 1233.41. Yesterday, the yellow metal showed additional stiffness and clocked 1242.45 high despite positive and strong US data and proved to deserve the title of sacred haven metal when political uncertainties revolves globally.
Fundamentals : Gold recent psychological behavior facing USD indicates additional rallies. No Economic news on USD today.
Technical : Daily Pp 1237.97
Trend : Bullish
Resistance levels : R1 1242.45, R2 1250.54, R3 1261.82
Support levels : S1 1232.74, S2 1220.46, S3 1209.18
Remark : With absence of economic news on US Dollar, gold odds for additional hikes increase. Long positions above R1 is an alarm for secondary rallies towards R3 level. A penetration for S3 levels is needed to confirm shift to bearish trend.
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.
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