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Forex Daily Analysis by kalaivanan

Title : Gold Carves Lower High in April- Bearish Below $1327

 

Posted : 3 hour ago

Symbol
Signal
Entry
Target
Stop Loss
Current Price
GOLD
BUY
1294.84
1295.65
1294.26
1252.26

Description

Gold is off sharply this week with the precious metal shedding 1.7% to trade at $1298 heading into the weekend. The sell-off comes on the back of the strong performance in US equity markets with all three major stock indices closing higher by 1-1.7% on the week. We will take a more neutral tone heading into next week on the heels of this decline while noting a broader bearish bias below key resistance which was tested this week. Looking ahead, traders will be closely eying the US economic docket and the ongoing geopolitical tensions in between Ukraine and Russia. Existing/new home sales, durable goods orders and the final April read of the University of Michigan confidence survey will be on tap next week. With the recent Fed rhetoric suggesting that the markets continue to overstate the timing of Fed normalization, look for weaker than expected data to support gold at the expense of the greenback. The gold vs USD correlation continues to press deeper into inverse territory, posting its lowest levels since march 24th and we’ll look for a reaction off key support at 10,400 in the Dow Jones FXCM USDOLLAR Index (Ticker: USDOLLAR) for further conviction on our directional bias.

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Copyright © 2017 www.tradebilla.com. All rights reserved. Version 2.46

 

Copyright © 2017 www.tradebilla.com. All rights reserved. Version 2.46