Gold Technical Analysis: Probing Resistance Above 1100
- Support: 1084.49, 1071.28, 1056.18
- Resistance: 1109.28, 1132.79, 1151.79
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Gold continues to tread water in familiarterritory near the $1100/oz figure as prices await a new directional catalyst. Near-term resistance is at 1109.28, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1132.79. Alternatively, a move below trend line support at 1084.49 clears the way for a test of the July 20 low at 1071.28.
KEY UPCOMING EVENT RISK:
13 AUG 2015, 12:30 GMT – US Retail Sales (MoM) (JUL) – Expected: 0.6%, Prev: -0.3%
14 AUG 2015, 12:30 GMT – US PPI (YoY) (JUL) – Expected: -0.9%, Prev: -0.7%
14 AUG 2015, 17:00 GMT – UofM US Consumer Conf. (AUG P) – Expected: 93.6, Prev: 93.1
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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