FxWirePro: Gold Daily Outlook
•Gold prices hits fresh one month high yesterday on geopolitical tensions and decline almost $9 from the high and is currently trading around $1260.
•Market awaits U.S Nonfarm payroll data which will be released by Friday for further direction. Euro prices are supported by expectations that ECB policymakers would discuss next month on stimulus exit. EUR/USD once gain recovered and is expected to hit the recent high of 1.12678.
•In the hourly chart the yellow metal has taken support near 200- MA yesterday and jumped sharply from that level.
•Technically gold is facing strong support at $1260 (200- H MA) and any break below will drag the precious metal till $1249 (38.2% retracement of $1195 and $1270)/$1243 (200 day MA). It should break below $1195 (Mar 10th 2017 low) for further weakness.
•On the higher side, any close above $1274 (161.8% retracement of $11263.89 and $1247) will take the commodity to next level till $1278 (61.8% retracement of $1375 and $1122)/$1295.
It is good to buy on dips around $1260 with SL around $1253 for the TP of /$1278.
•Market awaits U.S Nonfarm payroll data which will be released by Friday for further direction. Euro prices are supported by expectations that ECB policymakers would discuss next month on stimulus exit. EUR/USD once gain recovered and is expected to hit the recent high of 1.12678.
•In the hourly chart the yellow metal has taken support near 200- MA yesterday and jumped sharply from that level.
•Technically gold is facing strong support at $1260 (200- H MA) and any break below will drag the precious metal till $1249 (38.2% retracement of $1195 and $1270)/$1243 (200 day MA). It should break below $1195 (Mar 10th 2017 low) for further weakness.
•On the higher side, any close above $1274 (161.8% retracement of $11263.89 and $1247) will take the commodity to next level till $1278 (61.8% retracement of $1375 and $1122)/$1295.
It is good to buy on dips around $1260 with SL around $1253 for the TP of /$1278.
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