Forex Marketz Daily Forex News – Fully Markets Update
Looking at the spot gold futures contract and above four (4) hour MT 4 chart, the bullion has been pushing higher, since Monday and Tuesday, before losing some steam during the Asian trade session today.
There are some key events on the economic calendar. On the U.S. docket, the run up to Friday’s key non-farm payroll starts today. The private ADP monthly payroll change will be released. The Federal Reserve Board will also publish their Beige Book.
The Beige Book will be of particular interest to gold traders. During the European trade session, Germany will release monthly retail sales data and Spain will publish their monthly employment change. The Eurozone is releasing monthly factory gate prices or what is called the producer price index (PPI).
The United Kingdom is releasing housing data. The UK will release their monthly Nationwide housing price index (HPI). The United Kingdom is also releasing monthly BRC shop price index (annual). Canada is releasing quarterly labor productivity data.
Daily Spot Gold Technical Analysis
Looking at the above price action chart, the spot gold contract’s technical indicators are still flashing bullish signals. The MACD histogram is in the green with its signal lines above the mid-point at fifty (50). The relative strength index (RSI) is also above fifty (50) but trending lower.
The first upside barrier to monitor lines up at the key level of $2,000 per ounce with $2,015.65 per ounce then coming into focus A daily close above $2,015.65 opens the door to challenge the technical resistance level in play at $2,075.30 per ounce.
If the spot contract fails to stay above the top of the triangle chart formation, the first layer of technical support lines up at $1,955.85 per ounce. The next downside barrier then lines up at $1,943.92 per ounce with key level of technical support coming to focus at $1,900 per ounce.
