XAU/USD: prices are consolidating around 1800.00
Current trend
Today during the Asian session, gold prices show ambiguous trading dynamics in the short term, still holding close to the psychological level of $1800.00 per troy ounce.
Market participants expect the final report on the US labor market in US next Friday, suggesting that the data may provide some clarity on the prospects for tightening monetary policy from the US Federal Reserve. Last week, regulator chairman Jerome Powell, speaking at a symposium in Jackson Hole, agreed with the arguments in favor of reducing the quantitative easing (QE) program by the end of the current calendar year but again called for caution in raising rates, which somewhat disappointed the markets. The department is still not confident in the ability of the American economy to recover from the crisis caused by the pandemic. Also, the epidemiological situation itself remains a significant risk for the entire global economy.
Support and resistance
On the daily chart, Bollinger Bands grow slightly. The price range expands, letting the “bulls” renew local highs. MACD grows, maintaining a poor buy signal (the histogram is above the signal line). Stochastic reached 80 and tries to reverse horizontally, indicating that gold may become overbought in the ultra-short term.
To open new trading positions, it is better to wait for the signals from technical indicators to be clarified.
Resistance levels: 1822.99, 1833.90, 1850.00, 1863.34.
Support levels: 1800.00, 1790.00, 1772.70, 1760.74.
Today during the Asian session, gold prices show ambiguous trading dynamics in the short term, still holding close to the psychological level of $1800.00 per troy ounce.
Market participants expect the final report on the US labor market in US next Friday, suggesting that the data may provide some clarity on the prospects for tightening monetary policy from the US Federal Reserve. Last week, regulator chairman Jerome Powell, speaking at a symposium in Jackson Hole, agreed with the arguments in favor of reducing the quantitative easing (QE) program by the end of the current calendar year but again called for caution in raising rates, which somewhat disappointed the markets. The department is still not confident in the ability of the American economy to recover from the crisis caused by the pandemic. Also, the epidemiological situation itself remains a significant risk for the entire global economy.
Support and resistance
On the daily chart, Bollinger Bands grow slightly. The price range expands, letting the “bulls” renew local highs. MACD grows, maintaining a poor buy signal (the histogram is above the signal line). Stochastic reached 80 and tries to reverse horizontally, indicating that gold may become overbought in the ultra-short term.
To open new trading positions, it is better to wait for the signals from technical indicators to be clarified.
Resistance levels: 1822.99, 1833.90, 1850.00, 1863.34.
Support levels: 1800.00, 1790.00, 1772.70, 1760.74.