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Gold Technical Analysis: Prices Rise Most in Three Months

Gold Technical Analysis: Prices Rise Most in Three Months

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 1109.28, 1086.04, 1071.28
  • Resistance: 1132.79, 1151.79, 1169.40
  • For more analysis, visit our gold page

Gold prices advanced for a fifth consecutive session, putting in the largest daily advance in three months. A daily close above the 38.2% Fibonacci retracement at 1132.79 exposes the 50% level at 1151. Alternatively, a turn below the 23.6% Fib at 1109.28opens the door for a challenge of rising trend line support at 1086.04.

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

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