Could GOLD prices rise?
Today we face data from the Japanese market Foreign Bond Investments, also the Bond auction, in the European morning the UK mortgages will publish their rates also the 30-year Bond auctions will take place, and also 3 and 6 months European Bills will be auctioned. In the afternoon in the US market, the May MBA Purchasing Managers' Index will be published, as well as the Mortgages. Finally, crude oil stocks, imports and production will be released. Finally, the US session will close with Jefferson Vice Chairman of the Fed will talk about the details of monetary policy.
Today might seem like a normal session with low profile news, but today we can find out with mortgages how rich and safe the western market is. If the results are lower than expected they could inflame the gold price sometime this week. If we look at the technical data, gold is currently below the most traded range. Since April 22, the market started to test the gold market grounds in correlation with the Fed's speeches. It is easy to see that a sideways trend with little volume has been generated in recent times.
The RSI is at the average today with 44.15% is also similar to the 200-day RSI average. The current Check Point (POC) is below the long term range trading at 2320.80 points. It could be easy to see a potential uptrend if the area above 2330 points is breached if the 2348 points line is breached as an inflection zone.
Ion Jauregui - AT Analyst
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The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Today might seem like a normal session with low profile news, but today we can find out with mortgages how rich and safe the western market is. If the results are lower than expected they could inflame the gold price sometime this week. If we look at the technical data, gold is currently below the most traded range. Since April 22, the market started to test the gold market grounds in correlation with the Fed's speeches. It is easy to see that a sideways trend with little volume has been generated in recent times.
The RSI is at the average today with 44.15% is also similar to the 200-day RSI average. The current Check Point (POC) is below the long term range trading at 2320.80 points. It could be easy to see a potential uptrend if the area above 2330 points is breached if the 2348 points line is breached as an inflection zone.
Ion Jauregui - AT Analyst
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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