Murrey Math Lines: XAU/USD, “Gold vs US Dollar”
In the H4 chart, XAU/USD is moving above 5/8. In this case, the price may break 7/8 and continue trading upwards to reach the resistance at 8/8. However, this scenario may no longer be valid if the price breaks 6/8 to the downside. After that, the instrument may continue falling towards the support at 5/8. Read more…
Gold trades with modest losses, below $1475 level
Gold edged lower through the early European session on Thursday and eroded a part of the previous session’s post-FOMC positive move to weekly tops.
The Federal Reserve on Wednesday, as was widely expected, left its benchmark interest rate unchanged and indicated that rates would remain on hold. The US central bank also signalled that rates would remain on hold through 2020, which eventually turned out to be one of the key factors that provided a goodish lift to the non-yielding yellow metal.
Meanwhile, the Fed’s accommodative stance provided a modest lift to the global risk sentiment. The same was evident from a positive mood around equity markets and dented the precious metal’s safe-haven status. The commodity, for now, seems to have snapped three days of winning streak, albeit a combination of factors might help limit deeper losses. Read more…
Gold: a break above 1492 is an important medium term buy signal
Gold trading in a bull flag formation but while holding within the mid point of this flag, as we are now, this offers little trading opportunities. We are making a break above resistance at 1472/74.
Silver longs at important support at 1655/50 are working perfectly on the recovery to strong resistance at 1693/96. We topped exactly here.
Gold holding above 1472/74 allows a further recovery to 1481/82 then a selling opportunity at 1488/90 with stops above 1492. A break higher is an important medium term buy signal.
First support at 1468/65 but below here targets 1457/56. A break below 1454 targets 1450 & 1445. Read more…