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Gold Technical Analysis: Prices Reach Seven-Week High

Gold Technical Analysis: Prices Reach Seven-Week High

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 1126.63, 1109.28, 1090.10
  • Resistance: 1151.79, 1170.79, 1194.30
  • For more analysis, visit our gold page

Gold prices continue to push higher having found fuel following the publication of July’s FOMC meeting minutes. A daily close above the 50% Fibonacci retracement1151.79 exposes the 61.8% level at 1170.79. Alternatively, a turn below the 1126.63-32.79 area (August 13 high, 38.2% Fib) clears the way for a test of the 23.6% retracement at 1109.28.

KEY UPCOMING EVENT RISK:

21 AUG 2015, 13:45 GMT – Markit Mfg PMI (AUG P) – Expected: 53.8, Prev: 53.8

--- 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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