Technical Analysis 2017.08.23 - XAU/USD & USD/CAD Rise of the Safe-Havens?

Current trend
Gold has been experiencing record highs, reaching a nine-month high during the past trading days. Although there could possibility of further gains – considering stateside political instability – it will be unlikely gold will surpass the hard resistance level set at $1300 per troy ounce, which is reinforced both psychologically and technically. Markets will be likely risk off anyway, awaiting significant information during Jackson Hole symposium speeches later this week. Investors have high hopes that these speeches will help them contextualize central banks leaders’ stances on monetary policy. Janet Yellen’s, head of the Federal Reserve, Friday speech will be closely scrutinized .

A speech by Robert Kaplan, FOMC Member, will be of particular interest for traders – since his previous statement revealed a particularly dovish stance. EIA Crude Oil Stock, US data on the Markit Manufacturing and Services PMI’s and New Home Sales will also be on most traders radar.

Support and resistance
XAU/USD Support levels: 1280.00, 1265.00, 1250.00.
XAU/USD Resistance levels: 1300.00, 1315.00, 1340.00.

USD/CAD
The pair is currently in a downward trend as expected due to the many statements made by president Trump earlier today.

A downward momentum in the wave C of the upper level - on the four hour chart, shows the beginning of fifth wave v of C, is growing. Locally we have the formation of the first wave of v.

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