Technical Analysis 2017.08.11 - XAU/USD Havens on Rise

Current trend
Due to recent geopolitical events XAU/USD is of course is growing expected due to its safe haven status. Lackluster macroeconomic data also reinforced these gains.

Jobless Claims where under expectations (especially after the NFP substantially surpassed forecasts): it only grew 3K reaching 244K from the previous 241K, even though analysts expected it to shrink to 240K. July’s PPI also experienced and unexpected drop – by 0.1%, which negatively affected the YoY figure. William Dudley’s statements, also negatively affected the USD – since it largely dealt with his speculation that inflation is too low. Since both GBP and AUD weakened, this made XAU an attractive short-term position for traders.

Markets will be eagerly expecting US Consumer Price Index. If it also comes in under expectations, the pair could reach its highest price this year.

Support and resistance
Support levels XAU/USD: 1265.00, 1270.40, 1274.75, 1280.75.
Resistance levels XAU/USD: 1289.00, 1296.20, 1307.00.


This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.
Categories
All
General
Technical Analysis
Market News
Weekly Report

Archive
2017-August (28)
2017-July (49)
2017-June (57)
2017-May (62)
2017-April (43)
2017-March (56)
2017-February (51)
2017-January (42)
2016-December (37)
2016-November (40)
2016-October (42)
2016-September (66)
2016-August (66)
2016-July (48)
2016-June (60)
2016-May (64)
2016-April (61)
2016-March (65)
2016-February (58)
2016-January (58)
2015-December (61)
2015-November (64)
2015-October (60)
2015-September (65)
2015-August (40)
2015-July (61)
2015-June (67)
FX and CFD trading are high risk and may not be suitable for everyone, ensure you fully understand the risks. You may sustain a loss of some or all of your invested capital.

STO Review