Gold Technical Analysis: Rebound Extends to Monthly High
- Support: 1126.63, 1109.28, 1090.10
- Resistance: 1151.79, 1170.79, 1194.30
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Gold prices accelerated upward after a brief period of consolidation following the release of July’s FOMC meeting minutes. Near-term resistance is at 1151.79, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 1170.79. Alternatively, a move below the 1126.63-32.79 area (August 13 high, 38.2% Fib) opens the door for a challenge of the 23.6% retracement at 1109.28.
KEY UPCOMING EVENT RISK:
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
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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