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The demand for gold set back with reloading of risk asstes wave

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 8, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

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    The worries about the Chinese manufacturing performance in the beginning of the week could trigger this risk aversion sentiment which has been fed by similar worries about the US manufacturing activities.

    The demand for safe haven could send gold up to $1112.75 which is its highest reached level since last Nov. 4 breaking its resisting levels at $1089.70, $1097.86 and also $1110.94, as it could aggregate demand, after having a bottom at $1057.98 following flooring at $1046.08.

    XAUUSD daily Parabolic SAR (step 0.02, maximum 0.2) is now below its trading rate for the fifth day in a row reading $1054.27.

    XAUUSD daily Stochastic Oscillator (5, 3, 3) which is sensitive to the volatility is still having now its main line in the overbought region above 80 reading 90.455 and also its signal line which is reading now 87.909.


    Important levels: Daily MA50 @ $1080.41, Daily MA100 @ $1110.68 and Daily MA200 @ $1139.07

    S&R:

    S1: $1074.76
    S2: $1057.98
    S3: $1046.08
    R1: $1112.95
    R2: $1123
    R3: $1138.05

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    walid.s@trade-24.com
    Tel: UK. +44 1138590277
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    http://www.trade-24.com/daily-analysis

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