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Gold Technical Analysis: Price Action Still Stuck in Range

Gold Technical Analysis: Price Action Still Stuck in Range

2015-08-04 03:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Support:1078.10, 1058.48, 1042.62
  • Resistance:1102.94, 1122.52, 1138.35
  • For more analysis, visit our gold page

Gold prices remain locked in a well-defined range near the $1100/oz figure as markets mark time until a new directional trigger emerges. A daily close below the 23.6% Fibonacci expansionat 1078.10 exposes the 38.2% level at 1058.48. Alternatively, a move above the 23.6% Fib retracement at 1102.94 opens the door for a challenge of the 38.2% threshold at 1122.52.

KEY UPCOMING EVENT RISK:

05 AUG 2015, 14:00 GMT – US Non-Mfg ISM Composite (JUL) – Expected: 56.2, Prev: 56.0

07 AUG 2015, 12:30 GMT – US Change in Nonfarm Payrolls (JUL) – Expected: 225K, Prev: 223K

Gold Technical Analysis: Price Action Still Stuck in Range

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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