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Gold Price Awaits Data to Start 2017 Trading

Gold Price Awaits Data to Start 2017 Trading

2017-01-03 14:50:00
Walker England, Forex Trading Instructor
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Talking Points:

  • Gold Price Awaits Data to Start 2017 Trading
  • US ISM Manufacturing is Expected at 53.8
  • Looking for additional trade ideas for Gold & Commodities? Read Our Market Forecast

Gold prices are trading flat this morning, ahead of today’s US ISM Manufacturing data. This is considered the first high importance US Dollar event for 2017 trading, and expectations are set for a release of 53.8. Any deviations from this value may directly affect the US Dollar, and the price of Gold.

Technically, Gold is considered in a long term downtrend as prices broke remain beneath its 200 day SMA (simple moving average) at $1,268.57. In the short term, the commodity is showing a bullish bounce off of December’s low of $1,126.85. This current bounce in price has placed Gold price back above the 10 day EMA (exponential moving average), which is currently acting as support on the daily chart below at $1,145.26.

Gold Price, Daily Trend with Averages

Gold Price Awaits Data to Start 2017 Trading

(Created Using TradingView Charts)

In the short term Gold prices are remaining supported above today’s S3 Camarilla found at a price of $1,146.83. A move below this value would suggest that Gold prices may trade towards the S4 pivot at $1,143.18, and attempt to breakout lower. This would be considered Golds first bearish breakout of the New Year, with potential bearish breakout targets set near $1,132.06.

In the event that prices remain supported, traders should note that the first point of intraday resistance may be found at the R3 pivot near $1,154.30. Next resistance is found at $1,158.10, and a move beyond this point would signal a bullish breakout for the day. It should be noted here, that prices have already failed to breakout above this point in two previous attempts.

Gold Price, 30 Minute with Support & Resistance.

Gold Price Awaits Data to Start 2017 Trading

(Created Using TradingView Charts)

--- Written by Walker, Analyst for DailyFX.com

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