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> Technical Analysis 2017.08.07 – XAU/USD Gold Going Down?
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Technical Analysis 2017.08.07 – XAU/USD Gold Going Down?

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Technical Analysis 2017.08.07 – XAU/USD Gold Going Down?
07 / 08 / 2017 | Technical Analysis
Current trend
Last month we saw an active growth of gold prices backed by political turmoil and volatility. The Nonfarm payroll though blew the proverbial “roof” off this safe haven commodity, coming in at 209,000 surpassing by far the reasonable forecast of 183,000 and bolstering market sentiment regarding the USD.

Today investors will be eagerly awaiting the Labor Market Conditions Index at 4:00 pm GMT+2. The specific index has been in growth for the past 5 years and today’s expectation is that it will continue. FOMC Member Kashkari speech is scheduled at 7:25 pm GMT+2 and investors’ speculation is that he will he will follow the dovish stance of the Chair of the Board. The Consumer Credit Change is also schedule today at 9:00 pm GMT+2which is expected to drop by $3 bln.

Support and resistance
Support levels XAU/USD: 1250.00, 1240.00, 1230.00.
Resistance levels XAU/USD: 1265.00, 1280.00, 1300.00.





This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/technical-analysis-20170807-xauusd-gold-going-down/?camp=24219
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