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Gold Technical Analysis: Prices Snap 5-Day Winning Streak

Gold Technical Analysis: Prices Snap 5-Day Winning Streak

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 1109.28, 1086.97, 1071.28
  • Resistance: 1132.79, 1151.79, 1170.79
  • For more analysis, visit our gold page

Gold prices paused to consolidate after issuing the largest daily advance in three months, snapping a five-day winning streak. Near-term resistance is at 1132.79, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1151.79. Alternatively, a move below the 23.6% Fib at 1109.28 opens the door for a challenge of rising trend line support at 1086.97.

KEY UPCOMING EVENT RISK:

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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