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Gold Technical Analysis: Flat-Lining Below Monthly High

Gold Technical Analysis: Flat-Lining Below Monthly High

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 1109.28, 1089.40, 1071.28
  • Resistance: 1132.79, 1151.79, 1170.79
  • For more analysis, visit our gold page

Gold prices continue to tread water after rising to the strongest level in a month below the $1200/oz figure. A daily close above the 38.2% Fibonacci retracementat 1132.79 exposes the 50% level at 1151.79. Alternatively, a turn below the 23.6% Fib at 1109.28clears the way for a test of rising trend line support at 1089.40.

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: Flat-Lining Below Monthly High

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

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