Gold Technical Analysis: Price Action Still Stuck in Range
- Support:1078.10, 1058.48, 1042.62
- Resistance:1102.94, 1122.52, 1138.35
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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
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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