Forex Marketz Daily Forex News – Fully Markets Update
Looking at the above one hour MT 4 chart, the spot gold futures contract is struggling to climb higher. The yellow metal is starting to lose steam as it tries to recover from $1,937.89 per ounce. During the early trade session, the spot contract has fallen from $1,955 per ounce to $1,947 per ounce.
Today’s economic calendar is not full of many high impact events. The world’s largest economy will release monthly headline core and headline retail sales data.
The University of Michigan is publishing their monthly preliminary consumer sentiment gauge. Also on the U.S. calendar, monthly industrial production data will be published.
The European Union will publish monthly preliminary quarterly gross domestic product (GDP) data as well as their monthly trade balance. The United Kingdom has nothing on today’s macroeconomic calendar.
Daily Spot Gold Technical Analysis
Looking at price action on the above one hour chart, the spot gold futures contract note the first downside barrier lining up at $1,938 per ounce. A daily close below this layer of support opens the door for gold to challenge the next layer of technical support in play at $1,863 per ounce. The next downside barrier lines up at $1,840 per ounce $1,818 per ounce then coming into focus.
On the upside, the spot contract notes the first upside barrier lining up at the key psychological level at $1,900 per ounce. The one hundred hourly moving average lining up at $1,968 per ounce is the next layer of technical resistance. The next upside barrier then lines up at the descending trend line in play since 6 August.
This upside barrier comes into play at $2,001 per ounce. Any sustained close above $2,001 per ounce could hen open the door for the yellow metal to re-challenge the all-time high price point for the spot contract. This upside barrier lines up at $2,075 per ounce.
