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Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155

Gold at Critical Resistance- Long Scalps Vulnerable Sub 1155

Talking Points

Gold Weekly

Gold Daily

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • Gold approaches critical resistance confluence into 1155
  • Risk for a pullback from here but trade remains constructive above 1133/34
  • Breach targets resistance objectives at 1164 & 1170
  • Subsequent resistance at the 200DMA 1179
  • Interim support 1147 backed by bullish invalidation at 1133/34
  • Daily RSI turn ahead of 40- constructive
  • Momentum breach above 60 would be bullish

Gold 30min

Notes: Gold has rallied back into critical resistance after breaching the monthly & weekly opening range highs today. The immediate risk for a pullback off this level with interim support eyed at the confluence of the monthly opening range high & the 61.8% extension at 1147 backed by 1141 and our bullish invalidation level at 1133/32.

Bottom line: Expecting a pullback here but we’ll be looking to buy dips / long triggers while above the monthly opens with a breach of the highs targeting subsequent resistance objectives at 1164, 1170. Event risk is rather limited heading into the close of the week but keep we’ll keep a lookout for tomorrow’s final revision of U.S. 2Q GDP. Consensus estimates call for no change to the growth figures with personal consumption expected to be revised slightly higher to 3.2% and a weaker read on the releases could help further support gold in the near-term.

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Relevant Data Releases

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.