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> Technical Analysis 2017.08.29 – N. Korea Launch Shakes Japan and Markets
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Technical Analysis 2017.08.29 – N. Korea Launch Shakes Japan and Markets

STO

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Current trend
Gold experienced its highest price since November 2016, when markets opened this morning – largely due to N. Korea launching a missile over Japan.

Although markets hoped for monetary policy news - Fed’s head Janet Yellen disappointed again with her Jackson Hole summit speech. Her statement contained no references to balance sheet reduction or monetary policy. This reinforced the USD risk-off sentiment markets were already dealing with. ECB President Mario Draghi’s speech motivated traders’ rush to havens as he pointed out that a conservative monetary policy is the best course of action at the moment. Further elaborating on the topic Draghi said that a mild monetary policy that most regulators have adapted recently are showing positive results, resulting in actual growth in the Eurozone.

Support and resistance
We can see Bollinger Band growth in the daily chart. The price range seems to be expanding.
MACD histogram is also growing, with the signal line above it. Correction may be immanent.
Stochastic is currently in the overbought region, confirming or at least reinforcing the speculation of a probable correctional movement.

XAU/USD Support levels: 1307.75, 1300.44, 1295.85, 1291.71, 1287.05 (the level of August 25).
XAU/USD Resistance levels: 1317.77, 1324.07.

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

STO Review

Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/technical-analysis-20170829-n-korea-launch-shakes-japan-and-markets/?camp=24219
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