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Gold Technical Analysis: Consolidating Above 1100 Figure

Gold Technical Analysis: Consolidating Above 1100 Figure

2015-08-18 04:03:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • Support: 1109.28, 1087.47, 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 1109.28opens the door for a challenge of rising trend line support at 1088.45.

KEY UPCOMING EVENT RISK:

19 AUG 2015, 12:30 GMT – US Core CPI (YoY) (JUL) – Expected: 1.8%, Prev: 1.8%

19 AUG 2015, 18:00 GMT – Fed Releases July FOMC Meeting Minutes

20 AUG 2015, 06:45 GMT – Fed’s John Williams Speaks

21 AUG 2015, 00:20 GMT – Fed’s Narayana Kocherlakota Speaks

21 AUG 2015, 01:45 GMT – Caixin China Mfg PMI (AUG P) – Expected: 48.0, Prev: 47.8

Gold Technical Analysis: Consolidating Above 1100 Figure

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

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